December's decline in export volumes is a discouraging sign for fourth-quarter GDP growth. Moreover, the widespread drop in imports suggest that the domestic economy slowed quite a bit at the end of last year. (See Chart.) Overall, it appears that net exports were largely neutral for fourth-quarter GDP growth, which we estimate was roughly 1.0% annualised.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.