OUR ECONOMY LOOKING PROMISING

2023 Third Quarter July- September Gross Domestic Product The latest Quarterly National Accounts (QNA) series estimates for 2023 have been released, and the results are encouraging.

The Ministry of Economic Planning, Central Statistical Office (CSO) has published the country's Gross Domestic Product (GDP) on a quarterly and annual basis, which measures the monetary value of all final goods and services produced within the country's borders in a given time period.

According to CSO the GDP estimates for the third quarter of 2023 indicate a growth of 7.7 percent (seasonally adjusted year on year) following a revised growth of 8.2 percent in the second quarter of 2023. The production approach, which is a sum of Gross Value Add (GVA) from the production of goods and services at market prices, was used to compile these estimates.

This approach provides a comprehensive, consistent, and flexible set of macroeconomic accounts for policymaking, analysis, and research purposes. The classification of individual economic activities is based on the International Standard of Industrial Classification (ISIC Rev. 4), which provides a standardized system for categorizing economic activities.

It is important to note that the QNA series estimates are seasonally adjusted to make it possible to conduct an analysis of the underlying change of economic activity between periods. This is because the Quarterly time series are often characterized by considerable seasonal variations, which might complicate inter-period comparability.

The revised revisions in the QNA series estimates were due to revisions in source data, especially in the secondary and tertiary sectors, which are mostly characterized by the use of secondary data. The primary sector had a minimum change, which reflects some consistencies within the data and methodologies being used during the compilation stage.

These findings suggest that the country's economy is growing at a steady pace, with the GDP estimates for the third quarter of 2023 indicating a growth of 7.7 percent (seasonally adjusted year on year). This is an encouraging sign, as it indicates that the country's economy is performing well and is on track for continued growth in the future.

The production approach used to compile these estimates provides a comprehensive and flexible set of macroeconomic accounts that can be used for policymaking, analysis, and research purposes.

This approach allows for a more accurate and reliable measurement of the country's GDP, which is essential for understanding the size of the economy and its growth rate over time.

In conclusion, the latest QNA series estimates for 2023 indicate that the country's economy is growing at a steady pace, with the GDP estimates for the third quarter of 2023 indicating a growth of 7.7 percent (seasonally adjusted year on year).

The production approach used to compile these estimates provides a comprehensive and flexible set of macroeconomic accounts that can be used for policymaking, analysis, and research purposes. It is important for policymakers and researchers to understand the limitations of these revisions and to use them appropriately when analysing economic data.