Given that GDP has already contracted for two consecutive quarters, the plunge in imports in January and the fall in the manufacturing PMI to the lowest level since 2020 in February hardly instill confidence. However, we aren't overly concerned about the weakness in imports as they typically lag domestic demand and the relationship between the two has been poor in recent quarters.
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