Latest information on various sectors of the economy indicates that GDP growth rate at market prices for 2023 was 7.0%, same as estimated in June 2024.
Based on information relating to public sector investment projects (road network, drain infrastructure, social housing, etc.), policy measures announced in the budget speech 2024/2025 and new information gathered on key sectors of the economy:
GDP at market prices is forecasted to grow by 6.5% in 2024 after a growth of 7.0% in 2023 and
GVA at basic prices is expected to grow by 6.5% in 2024, following a growth of 7.0% recorded in 2023
The main contributors to the 6.5% growth in GVA at basic prices would be: “Construction » (3.3 percentage points), “Accommodation and food service activities » and “Financial and insurance activities » each contributing 0.6 percentage point, followed by “Manufacturing » and “Wholesale and retail trade » each contributing 0.4 percentage point.
Final consumption expenditure of households and general government would grow by 2.8% in 2024 against 1.5% in 2023. Gross Domestic Savings (GDS) as a percentage of GDP at market prices for 2024would reach 22.3 from 19.7 in 2023.
Investment, as measured by the Gross Fixed Capital Formation (GFCF), would grow by 24.9% in 2024, after a growth of 30.7% in 2023. Exclusive of aircraft and marine vessel, it would grow by 25.3% compared to 29.8% in 2023.
Private sector investment is expected to grow by 26.5% in 2024 compared to the 21.7% growth in 2023 and public sector investment would grow by 20.0% in 2024, lower than the 66.6% growth in 2023.
