INS Revises Upward the GDP Outlook for First 9 Months

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In the third quarter of this year, the economy grew by 1.1% compared to the same quarter in 2022, according to the announcement made on Thursday by the National Institute of Statistics.

This follows a mid-October signal where GDP growth was initially estimated at 0.2%.

For the period of January 1 to September 30, 2023, the Gross Domestic Product increased by 1.4% compared to the same period in 2022 on a gross basis, as reported by the Statistics Institute, revising its earlier estimate of 1.1% growth for the first 9 months.

The following sectors had significant contributions to the rising GDP: agriculture and fishing, constructions, IT and telecom, wholesale and retail, accommodation and HoReCa, real estate transactions, scientific and technical activities, cultural, entertainment activities, public administration and defense.

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