Economic activity rose 0.6% m/m in September (August: +0.4% m/m). The reading was the best reading since March and came on the back of improving services sector activity. Meanwhile, the primary sector – which includes the agriculture, hunting, forestry and fishing sectors – weakened.
On an annual basis, economic activity rose at a weaker pace of 1.6% in September (August: +1.7% yoy). Meanwhile, average annual economic activity growth fell to 2.8% in September (August: +3.0%), indicating a worsening trend.
FocusEconomics panelists expect GDP to grow by 0.4% in 2023, unchanged from last month’s forecast, and by 1.4% in 2024.