Gross Domestic Product (GDP), fourth quarter 2023

Edition date
Press release
In the fourth quarter of 2023, Real GDP decreased by -0.2%.

In the fourth quarter of 2023, Real GDP decreased by -0.2%

Preliminary estimates from the compilation of quarterly national accounts indicate that Real gross domestic product GDP, seasonally adjusted, decreased by an annual rate of -0.2% during the fourth quarter of 2023 (October to December 2023). Compared to the third quarter of the same year, real GDP increased by 0.5%.

Economic activity mainly benefited from the dynamics of the services industries, particularly those of the accommodation, food and beverages (+1.4%). Meanwhile, the significant decline in the agricultural sector due to adverse weather conditions for three consecutive years appears to be dampening. The value added decreased by 11.2% in the last quarter of the year 2023 compared to 15.6 % in the third quarter.

Additionally, domestic demand decreased by 0.2% in volume and had a negative contribution of 0.2 percentage points to economic growth in the fourth quarter (-0.2). While the balance of external trade in goods and services posted a neutral contribution, since the exports in volume increased by (8.0%) at an annual rate, which slightly exceeded that of imports (6.7%).

As a first estimate for the whole year 2023, the national economy recorded 0.4% growth rate. Excluding agriculture, the annual Real GDP increased by 1.6%.

Themes :
Nation account