GDP at market prices in 2023 would grow by 7.1% instead of 6.8% as forecasted in September 2023; and GVA at basic prices in 2023 would grow by 7.0% instead of 6.7% as forecasted in September 2023.
Main contributors to the 7.0% growth in GVA at basic prices would be: “Accommodation and food service activities » (2.0 percentage points), “Construction » (1.5 percentage points), “Financial and insurance activities » (0.7 percentage point) and “Transportation and storage » (0.5 percentage point).
Final consumption expenditure of households and general government would grow by 1.8% in 2023 against 3.9% in 2022. Gross Domestic Savings (GDS) as a percentage to GDP at market prices for 2023 would reach 18.0 from 14.0 in 2022.
Investment, as measured by the Gross Fixed Capital Formation (GFCF), would grow by 21.2% in 2023, after a growth of 7.8% in 2022. Exclusive of aircraft and marine vessel, it would grow by 20.7% compared to 7.2% in 2022.
Private sector investment is expected to grow by 16.2% in 2023 compared to the 9.6% growth in 2022 and public sector investment would expand by 41.3% in 2023, higher than the 1.1% growth in 2022.
NAE_Dec23_211223