GDP growth cools notably in Q3

GDP growth decelerated to 0.4% year on year in the third quarter, from 4.7% in the second quarter. Q3’s print represented the lowest reading since Q1 2021. Meanwhile, the economy shrank 1.3% in seasonally adjusted, quarter-on-quarter terms, swinging from the previous quarter’s 1.1% expansion and marking the sharpest contraction since Q2 2020.

Household spending plummeted 4.7% year-on-year in the third quarter, contrasting the previous quarter’s 3.4% expansion. Moreover, fixed investment plunged 5.6% in Q3, contrasting the 7.0% increase in the prior quarter. Meanwhile, government spending grew 5.1% in Q3 (Q2: +5.7% yoy). On the external front, exports of goods and services rose 7.3% in Q3, cooling somewhat from Q2’s 7.9% increase. Conversely, imports of goods and services fell at a softer pace, declining 14.1% in Q3 (Q2: -23.1% yoy).

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