In our previous GDP tracker, published in January, we observed that GDP contracted by 0.3 per cent in the fourth quarter of 2023 relative to the previous quarter, generated by contractions in all main sectors. Looking at the longer-term picture, GDP growth has been near zero since early 2022. This outlook for economic growth is quite low by historical standards (Figure 2). Today’s data suggest that monthly GDP grew by 0.2 per cent in January, following a contraction of 0.1 per cent in December. This monthly figure was mainly driven by increasing output in construction and services, particularly retail and wholesaling ... (full story)