GDP drops at a slower pace in Q4

GDP fell at a softer pace of 0.5% year on year in the fourth quarter, following the 0.7% decline posted in the third quarter. On a seasonally adjusted quarter-on-quarter basis, economic activity growth strengthened to 0.4% in Q4, up from the 0.2% rise logged in Q3. Q4’s reading marked the best result since Q4 2022.

According to preliminary estimates, the fourth quarter’s smaller contraction stemmed from a rebound in the producing sectors of the economy, which mitigated weaker services sector activity. Meanwhile, the external sector likely remained in the doldrums in Q4: The downturn in goods exports eased only slightly in October–November compared to Q3.

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