Economic activity growth accelerated marginally to 3.8% year-on-year in November, from 3.7% in October. This improvement came on the back of strong growth in the construction, auto trade and repair, real estate, manufacturing and financial services sectors.
Meanwhile, the trend is pointing lower: average annual growth moderated for the ninth consecutive month to 4.1% (October: 4.2%).
Gross domestic product is expected to expand 2.9% in 2023, down 0.1 percentage point from last month’s forecast. In 2024, panelists expect the economy to grow by 3.4%.