The General Statistics Office’s report on the country’s socio-economic performance in the first quarter of 2024 features several encouraging insights. Macroeconomic indicators suggest that the economy is now on a path to recovery but the recovery pace is sluggish, with several variables warranting further monitoring in the coming quarters. Economic recovery from a low base Key macroeconomic indicators demonstrate a positive economic recovery trend. In comparison to the same period of last year, the first three months of 2024 saw a 5.66% increase in GDP, a 6.18% rise in the industrial production index, an 8.2% uptick in retail sales of goods and services, and a 15.5% surge in total import-export turnover. Meanwhile, inflation remained stable, with a 3.77% increase compared to Q1-2023. Q1-2023 marked a period of economic downturn, with declining production, consumption, and import-export amidst high interest rates. Therefore, while the Q1-2024 growth results appear favorable, the economy is still slowly recovering from the low point of 2023 and has yet to exhibit a strong resurgence given the recent trends. Gradual recovery expected in Q2 As the economy continues to ascend from its low point, other indicators from businesses and households in March and Q1 show that the economic […]
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