The economic growth in 2023 was worse than expected and lower than the advance estimates, indicating a significant contraction in the economy. This decline is attributed to short-term policies and low domestic and international demand.
Economic growth in 2023 was worse than expected and lower than the advance estimates. This paints quite a different picture from the rosy narrative of the main analyses and forecasts. Instead of the 4%-5% official forecast the 3.7% economic growth in 2023 is below even the most pessimistic forecasts. This is the biggest quarterly contraction since the Covid-19 pandemic and is partly caused by short-term policies during that period, inherited by the current unity government.
Almost half of the annual growth is due to a rise in inventories or stocks. So firms are producing items that are not being sold due to low domestic and international demand. Manufacturing growth has stagnated at 0.7%. Among the components of GDP, private consumption contracted by 3% in Q4 in seasonally adjusted terms. This is a staggering 12% decline in annualised terms. Having declined 0.7% in Q3 there is a technical recession in consumer spending as low incomes hold back consumptio
Economic Growth 2023 Contraction Forecasts Inventories Stocks Manufacturing GDP Private Consumption Recession Low Incomes
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