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GDP growth rate
1. Based on data available for all four quarters of 2022,
GDP at market prices in 2022 grew by 8.7%, higher than the 7.8% growth estimated in December 2022. Latest information available on various sectors of the economy also shows that
GVA at basic prices in 2022 grew by 9.7% instead of 9.1% as estimated in December 2022.
2. The main changes noted at industry level compared to estimates made in December 2022 are:
Final consumption expenditure of households and general government grew by 3.8% in 2022 against the 2.1% growth in 2021.
Gross Domestic Savings (GDS) as a percentage to GDP at market prices for 2022reached 13.8 from 9.7 in 2021.
Investment, as measured by the Gross Fixed Capital Formation (GFCF), grew by 7.8% in 2022, after a growth of 14.0% in 2021. Exclusive of aircraft and marine vessel, investment grew by 7.2% compared to 14.8% in 2021.
Private sector investment grew by 9.6% in 2022 compared to the 18.4% growth in 2021 and
Public sector investment grew by 1.1% in 2022, higher than the 0.1% growth in 2021.
Investment rate, defined as the ratio of GFCF to GDP at market prices increased to 19.8% in 2022, from 19.6% in 2021. Exclusive of aircraft and marine vessel, the rate was 19.7%, same as in 2021.
Private investment rate increased to 15.9% in 2022 from 15.5% in 2021 and
public investment rate decreased to 3.9% in 2022 from 4.1% in 2021.
The share of private sector investment in GFCF increased to 80.1% in 2022 from 78.9% in 2021, while that of
the public sector decreased to 19.9% from 21.1% in 2021.Year 2023
9. Based on past trends, latest information available on main public investment projects as announced in the last budget and taking into consideration the target set by the authority to achieve pre-pandemic figures in the tourism sector, both
GDP at market prices and GVA at basic pricesare forecasted to grow by 5.0% in 2023, which will mark the country's return to its pre-pandemic level in real terms.
The main assumptions used to work out the forecast of 2023 are as follows:
11. Investment is expected to grow by 5.3% compared to 7.8% in 2022. Exclusive of aircraft and marine vessel, it would grow by 5.1% compared to 7.2% in 2022.
Investment rate would attain 20.4% in 2023 from 19.8% in 2022.