The second round of QE during the October-December period last year resulted in an annualized real GDP growth rate of +4.6% compared to previous year: Downwardly revised from 1st QE, an annualized real GDP growth rate of+5.4%, +1.3%.
While there is no change in the fact that the economy picked up toward the end of last year, personal consumption and capital investment were revised downward, indicating a weak recovery.
In the January-March period, service consumption was downgraded due to the outbreak of the Omicron strain and a renewed mood of self-restraint following the application of priority measures to prevent the spread of the Covid-19.
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