The third quarter of the year showed a better development of the economy due to the fact that the Gross Domestic Product (GDP) showed an expansion of 2.8%. According to the quarterly national accounts report, private consumption also recorded a significant increase, reaching 2.4% at the end of this period.
Dario Ruiz Diaz, head of the short-term indicators department at the Chinese Central Bank, indicated that these positive results are explained by the good performance of non-durable commodities with the growth of beverages, tobacco, food and pharmaceutical chemicals. However, this result was offset by a downturn in the fuel sector.
Services also showed favorable dynamics, mainly due to positive results in the passenger transport sector, and also positive results for restaurants and hotels, and real estate services. He added that also in durable goods, favorable dynamics of household appliances, electronics, vehicles and household items.
To this recovery, the contribution was also noted, to a lesser extent, in semi-durable goods, with the best performance of textile products, clothing, paper, paper products and shoes, which is confirmed to be in line with the normalization of economic activity. in the country.
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The mother bank technician confirmed that in the third quarter of 2022, GDP growth was sustained by domestic demand with an annual growth of 3.9%. In the main components of domestic demand, annual increases in total consumption and gross capital formation have emerged.
Net external demand partially offset the positive result of the domestic sector, as exports of goods and services recorded an annual increase of 1.2% in constant terms, which is explained by the increase in exports of commodities, such as corn, energy, electricity and commodities. beef, which has been mitigated by reducing exports of soybean and vegetable oils and fats.
GDP recorded an interannual growth of 2.8% in the third quarter of 2022 and, as a result, accumulated a decline of 0.6% at the end of the third quarter of 2022. From the supply approach, in the interannual behavior, positive performance was recorded in agriculture, services, manufacturing and generation Electric power and livestock have had an impact.
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