The revised data shows a more pronounced economic contraction than initially thought. Key factors contributing to this downturn include a decrease in household consumption and lower investments. Specifically, the decline in Q3 can be attributed to a reduction in investments in fixed assets, a decrease in inventory changes, and reduced household consumption.

Looking at historical trends, the revision in the second estimate compared to the first has averaged nearly 0.1 percentage points over the past five years (2018-2022). The range of these adjustments has varied, with the most significant being minus 0.3 and plus 0.7 percentage points, both recorded in 2021, as per CBS.

The GDP in Q3 2023 showed a decrease of 0.8 per cent compared to the same quarter in the previous year. This is a downward revision from the initially reported 0.6 per cent decline. The larger decrease in the second estimate is primarily due to new figures emerging from the manufacturing sector. The contraction is mainly due to lower exports of goods, reductions in natural gas inventory, and a decline in household consumption.

The second estimate reports an increase of 28 thousand employed and self-employed jobs in Q3 2023 compared to the previous quarter. This is slightly lower than the 31 thousand job increase reported in the first estimate. Moreover, there has been a year-on-year increase of 142 thousand jobs in Q3 2023, compared to the first estimate of 147 thousand jobs.

Fibre2Fashion News Desk (DP)