The economy appears to have held up a touch better than we had anticipated at the start of this year, mirroring the trend in several other major economies. Q4 is likely to have marked the trough for q/q growth. Nevertheless, there is also little in the data to suggest that the economy is on the cusp of a major turnaround. We still think annual growth will slow to 6% in 2023, from 6.7% in 2022.
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