Main Messages
-Economic activity in 2021 recovered following the COVID-19 pandemic, with the GDP increasing by 6.6%.
-Labour market developments showed resilience and flexibility, conditions improved.
-Inflation increased due to higher energy prices.
-In 2022, economic activity remained strong, despite the adverse external environment.
-Overall, for 2022 as a whole, the economy grew by 5.6% in real terms. This positive outturn is largely due to the better than expected developments in the tourism sector and the continued expansion of exports in other services.
In the 2nd quarter of 2023 the economy grew by 2.3% (SCA data) following a rate of 3.2% in the 1st quarter of 2023 and for the 1st half of 2023 is at 2.7%.
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