Why did the import intensity of GDP decline decline in 2023?

We show this is mainly due to the composition of GDP growth following a period characterised by weak exports and consumption.

Metadata
Provider: 
ECBECB
URL: 
https://www.ecb.europa.eu//press/economic-bulletin/focus/2024/html/ecb.ebbox202403_02~650761c088.en.htmlhttps://www.ecb.europa.eu//press/economic-bulletin/focus/2024/html/ecb.ebbox202403_02~650761c088.en.html
Retrieved on: 
Jeudi, avril 25, 2024
Information
Tags: 
The Economic Journal, American Economic Journal, Growth, IAD, Rotation, Weakness, ECB, Real, COVID-19, Travel, GDP
Résumé
Key Points: 
  • We show this is mainly due to the composition of GDP growth following a period characterised by weak exports and consumption.
  • Destocking also had an important role in the decline, as well as the shift in consumption from goods to services, which are less import intensive.
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