 "After hitting a low of 4 per cent last fiscal year, private consumption growth is set to strengthen this fiscal. Consumption growth has been slow to recover due to the incomplete recovery of incomes from the pandemic’s impact. However, this fiscal ye")
After hitting a low of 4 per cent last fiscal year, private consumption growth is set to strengthen this fiscal. Consumption growth has been slow to recover due to the incomplete recovery of incomes from the pandemic’s impact. However, this fiscal year is expected to see a reversal of the factors that had dragged consumption growth below trend, including high food inflation, a slowdown in agriculture, and slow government revenue spending. Additionally, the effect of a weak base will provide a statistical lift to consumption growth.
National accounts data from the past 13 years indicates that private consumption
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