1Q23 GDP – Dynamism affirmed, but also coupled with signs of a moderation ahead

  • 1Q23 GDP was revised an inch lower to 1.0% q/q (3.7% y/y), with a revision lower in industry and more stable services

  • March’s GDP-proxy IGAE stood at -0.3% m/m (2.7% y/y) with all three categories lower that suggest caution

  • We reiterate our view of a deceleration in the rest of the year,with the external sector limiting a stronger performance

May 26th, 2023
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