GDP (Q3)

GDP growth slowed to only 2.0% annualised in the third quarter, as the Delta wave of infections, the waning fiscal stimulus and shortages, particularly of motor vehicles, triggered a marked slowdown in consumption growth to only 1.6%. We expect a modest rebound in fourth-quarter GDP growth to 3.0% – if only because motor vehicles won't be such a drag and any negative impact from Delta should be reversed.