Non-mining sector growth restrains GDP drop to 3%

The Ministry of Finance had expected the economy to contract by 3.1 percent in 2024, while leading credit ratings agency, S&P, recently forecast a negative 3.3 percent performance. The International Monetary Fund, in its last update in November, projected a one percent growth for the local economy.

The marginally “stronger” performance from the economy appears to have been thanks to the non-mining sectors, whose resilience and growth in recent years has become more significant in the growth calculation.