3Q22 GDP – Above expectations on services, with the full-year now seen at 2.7%

  • Activity grew 1.0% q/q (4.2% y/y), quite positive considering a high base and a more challenging backdrop

  • Sequentially, all three sectors improved further, with agricultural at +1.8%, industry at +0.9%, and services at +1.2%

  • With these results, we now expect 2022 full-year GDP at 2.7%, with a slightly more favorable outlook in 4Q22

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