Strong Investment Fuels 4.2% Economic Growth in 2024

The economy closed 2024 with a solid 4.2% GDP growth, driven by rising investments and increased consumption, according to the latest national accounts report. This expansion highlights a shift toward a more diversified economy, reducing reliance on traditional sectors like agriculture and electricity.

Investment saw the most significant increase, growing by 11.9%, while government consumption rose by 7.1%, and private consumption and imports each expanded by 4.2%. Though exports dipped by 2% overall—following strong early-year performance but declines of 6% and 16% in later quarters—economic momentum remained strong.

With multiple sectors contributing to growth, the economy is showing resilience and adaptability, positioning itself for continued expansion in the years ahead. Source: MarketData