Economy posts 5% growth for first quarter of 2023 – NSA
The domestic economy in real terms posted a growth of 5% during the first quarter of 2023, somewhat slower than the 7.3% in the first quarter of 2022, according to the statistics agency.
The slower performance stems from the sectors such as financial services, manufacturing, and public administration and defense which posted declines in real value of 4.9%, 2.7%, and 1.5%, NSA Statistian General, Alex Shimuafeni said on Thursday, adding that the agriculture and forestry, and health sectors experienced slower growth rates of 3.6% and 2.6%, respectively.
“During the quarter under review, the following sectors showed improved performance: – mining, and quarrying (34.3%), wholesale and retail (5.7%), and electricity and water (16.8%), outperforming the growth rates recorded in the first quarter of 2022,” he noted.
Furthermore, he noted that the transport and storage sector experienced a growth rate of 6.7% in real value added, while the hotels and restaurants sector recorded growth of 5.7% in real value-added, surpassing the previous corresponding growth rates of 2.3% and 4.6%, respectively.
“On the demand side, final consumption expenditure declined by 3.2% after reporting a 14.8% increase in the corresponding quarter of 2022. Government final consumption expenditure registered a marginal growth of 0.4%, compared to a 1.4% increase in the corresponding quarter of 2022,” he said.
However, Gross Fixed Capital Formation (investment expenditure) had a significant turnaround, growing by 18.3%t after logging a contraction of 10.6% in the corresponding quarter of the previous year.
