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Macroeconomic Outlook - March 2024

Overview of main macro variables

Economic activity in 2021-2022 recovered strongly following the COVID-19 pandemic (GDP returned end 2021Q1) by 9.9% and 5.1% respectively. 2023 growth by 2.5% point to a continued resilience and flexibility, amid the war/sanctions. Growth is among the highest among member states and significantly higher than the EA/EU average (CY 2.5% in 2023 vs. EA/EU around 0.4% y-o-y %)

Labour market developments showed resilience and flexibility. Unemployment rate in 2023 decreased significantly (6.1%) with still high level of vacancies. Limited impact from ongoing war. But, the market is less tight now given the employment growth deceleration. Wage demand is still moderate and productivity levels are rising.

Inflation is decelerating following to the gradual correction in oil prices, the normalization of food prices and the monetary policy tightening.

The current account deficit worsen in 2023/9m compared to 2022/9m mainly due to increases in mobile transport equipment and elevated imports for home consumption and to a lesser extend by lower increase in services surplus (impact of sanctions).


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