Posted 2/23/2024, 12:33:45 AM
Economy Grows at Slowest Pace Since 2020 as Key Sectors Decline, Falling Short of Forecasts
- GDP growth fell to 2.74% in 2023, the slowest since 2020 recession (-1.92%)
- Growth reduced in agriculture (1.13%) and manufacturing (1.40%) sectors
- Oil sector declined -2.22% despite higher oil production
- Growth below projections from World Bank (2.9%), IMF (3.2%), and AfDB (3.1%)
- Q4 growth higher than Q3 but lower than Q4 2022 due to election uncertainty dampening economic activity
