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National Accounts Estimates – September 2023

GDP at market prices grew at a higher rate of 8.9% in 2022 compared to 3.4% in 2021 and GVA at basic prices expanded by 9.9% in 2022, higher than the 4.0% growth in 2021.

Based on new information gathered on key sectors of the economy and policy measures announced in the Budget Speech 2023/2024, particularly those relating to public sector investment projects (Metro Express, road network, drain infrastructure, social housing, etc.):

GDP at market prices in 2023 would grow by 6.8% instead of 5.3% as forecasted in June 2023; and GVA at basic prices in 2023 would grow by 6.7% instead of 5.2% as forecasted in June 2023.

Main contributors to the 6.7% growth in GVA at basic prices would be: “Accommodation and food service activities » (1.6 percentage points), “Construction » (1.5 percentage points), “Financial and insurance activities » (0.7 percentage point), and “Manufacturing », “Wholesale & retail trade; repair of motor vehicles and motorcycles » and “Transport and storage » each contributing 0.4 percentage point.

Final consumption expenditure of households and general government would grow by 2.2% in 2023 against 3.9% in 2022. Gross Domestic Savings (GDS) as a percentage to GDP at market prices for 2023 would reach 17.3 from 14.0 in 2022.

Private investment rate would increase to 16.8% in 2023 from 15.8% in 2022 and public investment rate would increase to 5.1% in 2023 from 3.9% in 2022.

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