After unexpectedly contracting in the second quarter, the economy rebounded in the third quarter, with GDP growth of 3.5% annualised, thanks largely to a big boost from external trade. But given the worsening global economic outlook, trade is unlikely to repeat a similar feat in the coming quarters. As such, overall economic growth is expected to slow again as it becomes principally dependent on domestic demand. The underlying trend of domestic demand appears to be pointing to growth of around 2% annualised, but we expect it to slow further next year.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services