Real GDP increased at an annual rate of 1.6 percent in the fourth quarter of 2022
Quarterly national accounts result for the fourth quarter of 2022 show that real Gross Domestic Product (GDP), seasonally adjusted, rose by 1.6 percent compared to the fourth quarter of 2021. Compared to the third quarter of the same year, real GDP increased by 0.5%.
Economic activity benefited from the consolidation of value-added growth momentum in manufacturing (at an annual rate of 6.6%) combined with a more moderate increase in services (2.6%). While the growth pace in construction sector remains in negative territory.
Looking back on growth for 2022 as a whole and according to initial estimate, real GDP increased by 2.4%, against 4.3% in 2021. The growth path also shows that the fall in GDP in 2020 has only been partially absorbed, since the level of real GDP in the fourth quarter of 2022 is still two percentage points lower than its level before the health crisis (last quarter of 2019) .