GDP grows at softest pace since Q4 2022 in the third quarter

GDP growth ebbed to 3.7% year on year in the third quarter from 3.9% in the second quarter. Q3's reading marked the softest growth since Q4 2022.

Household spending increased 5.0% in the third quarter, which was above the second quarter's 4.2% expansion. Fixed investment growth accelerated to 7.9% in Q3 from 5.7% in the previous quarter. However, public consumption growth was the slowest since Q1 2021, expanding 1.6% (Q2: +15.4% yoy). On the external front, exports of goods and services contracted at a milder rate of 0.1% in Q3 (Q2: -5.1% yoy). In addition, imports of goods and services growth sped up to 7.4% in Q3 (Q2: +3.7% yoy).

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