Category: Service Industries
Service Industries market research reports by Oxford Economics
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Country Economic Forecasts - Belgium
Country Economic Forecasts - Belgium The outlook for Q1 is brighter thanks to an improvement in the health situation. For 2022, now we see GDP posting solid growth throughout the year, expanding 3.0% overall. For the years ahead, we expect growth to normalise and hover around 1.5% in 2023-25 after t ... Read More
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Country Economic Forecasts - Cote D Ivoire
Country Economic Forecasts - Cote D Ivoire Based on preliminary data, the Ivorian economy expanded by a remarkable 6.5% last year. This flourishing growth was mainly driven by rebounding activity in the industrial and services sectors, while the agricultural sector delivered another solid, albeit le ... Read More
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Country Economic Forecasts - Malawi
Country Economic Forecasts - Malawi Economic growth accelerated to 5.4% in 2019 but tumbled to a revised 0.9% in 2020 due to the devastation caused by Covid-19. A lacklustre vaccination programme, which kicked off in March 2021, is hampering efforts to restart the economy. We expect real GDP growth ... Read More
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Country Economic Forecasts - China
Country Economic Forecasts - China Recent data on Chinese New Year holiday spending suggest a mixed picture for consumption momentum. We think the real estate downturn and weak household consumption due to zero-Covid tolerance will likely persist through H1. While we think fixed investment in real e ... Read More
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Country Economic Forecasts - Switzerland
Country Economic Forecasts - Switzerland High energy prices are weighing on activity in Switzerland, albeit to a lesser extent than in other countries. Indeed, we have raised our GDP growth forecast slightly, to 3.2% from 3.1%. The key driver of the upward revision is the surprisingly fast and far-r ... Read More
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Country Economic Forecasts - Sweden
Country Economic Forecasts - Sweden We have raised our full year 2022 GDP growth forecast to 3.6% from 3.3% previously, due to the especially strong flash estimate for Q4 2021. The Omicron wave has probably peaked and has been mild overall, with restrictions largely abolished. However, we expect inf ... Read More
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Country Economic Forecasts - France
Country Economic Forecasts - France High-frequency data and surveys confirm that the economy cooled markedly in January as new restrictions and voluntary social distancing weighed on consumption. However, as the peak of infections has now passed, restrictions will soon start to be eased. Although we ... Read More
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Country Economic Forecasts - Greece
Country Economic Forecasts - Greece Greek GDP is now forecast to grow 3.3% in 2022, down from 3.8% seen last month, with activity threatened by renewed Covid infections and rising inflation but still supported by EU funds and related projects. The economy experienced a steady recovery during 2021, w ... Read More
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Country Economic Forecasts - Denmark
Country Economic Forecasts - Denmark GDP surprised to the upside in Q4 2021 with 1.1% q/q growth, according to the flash estimate. The positive carryover effect has raised our 2022 GDP growth forecast by 0.4ppts to 3.4%. All domestic restrictions were eased at the end of January, in line with our vi ... Read More
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Country Economic Forecasts - Nigeria
Country Economic Forecasts - Nigeria Recoveries in both the oil and non-oil sectors continued into the new year, with rising oil output and industrial production in January giving reasons to be optimistic. Overall, real GDP growth is forecast to increase from 2.9% in 2021 to 3.7% in 2022. Neverthele ... Read More
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Country Economic Forecasts - Morocco
Country Economic Forecasts - Morocco The economy successfully emerged from the crisis in 2021, with output levels recovering to pre-pandemic levels − largely supported by a bumper cereal harvest. While the non-agricultural sector also expanded, the sector came in just below its pre-pandemic level. G ... Read More
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Country Economic Forecasts - Serbia
Country Economic Forecasts - Serbia Preliminary Q4 2021 GDP data showed a strong 6.9% y/y rise – significantly above the 4.9% we expected – and with other data revisions took full-year growth to 7.5% from 6.7% that we saw previously. We expect the robust recovery to continue in 2022 with expansion o ... Read More
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Country Economic Forecasts - Libya
Country Economic Forecasts - Libya We forecast Libya’s economy to grow by 17.6% this year on the back of a rapid rebound in local crude oil production (the economy’s mainstay) and high international oil prices. Political tensions remain, however, and in the absence of a government that enjoys legiti ... Read More
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Country Economic Forecasts - Finland
Country Economic Forecasts - Finland Our forecast for Finland’s GDP growth is 2.3% this year and 1.5% in 2023, both unchanged from last month. The economy grew 0.7% q/q in Q4 2021, slightly better than we expected, and the Omicron wave is likely to have peaked in several regions with the remaining m ... Read More
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Country Economic Forecasts - Italy
Country Economic Forecasts - Italy We have lowered our forecast for Italy’s 2022 GDP growth by 0.3ppts to 4.1%. The economy slowed in Q4 last year, with flash GDP data showing a rise of 0.6% q/q, resulting in overall growth of 6.5% in 2021. We expect another quarter of weak GDP growth in Q1 this yea ... Read More
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Country Economic Forecasts - South Korea
Country Economic Forecasts - South Korea GDP growth of 1.1% q/q in Q4 2021 beat expectations. Consumption and construction investment gathered momentum, government spending remains supportive, and net exports also contributed to growth. Although the spread of the Omicron variant is a drag, we are st ... Read More
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Country Economic Forecasts - United Kingdom
Country Economic Forecasts - United Kingdom The prospect of much higher inflation and more aggressive tightening of monetary policy has led us to slash our forecast for 2022 GDP growth to 3.8% from 4.5% last month. A 54% rise in the energy price cap means we now expect CPI inflation to hit 7.5% in A ... Read More
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Country Economic Forecasts - Portugal
Country Economic Forecasts - Portugal We have raised our 2022 GDP growth forecast to 5.3% from 4.6% previously, an improvement from 4.9% in 2021. GDP rose by 1.6% q/q in Q4 2021, which implies a stronger-than-expected carryover into 2022. Moreover, the socialists’ unexpected majority win is also pos ... Read More
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Country Economic Forecasts - Luxembourg
Country Economic Forecasts - Luxembourg The outlook for Luxembourg’s economy this year is bright; we forecast GDP growth of 2.3% in 2022, driven by solid private consumption, as consumers release pent-up demand, and net exports. While growth should be mild in Q1 amid surging infections and supply im ... Read More
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Country Economic Forecasts - Canada
Country Economic Forecasts - Canada We expect a temporary lull in Q1 GDP growth due to the Omicron variant, tighter restrictions, and persistent global supply issues. But provinces are already easing restrictions and the Omicron wave is fading, so the economy should rebound quickly in Q2. We have ra ... Read More
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Country Economic Forecasts - Estonia
Country Economic Forecasts - Estonia We have cut our forecast for Estonia’s 2022 GDP growth to 4.4% from 5.5% previously. GDP rose by 9.2% y/y in Q3, and the economy is well above pre-pandemic levels, but this was slower than we had expected so we have also downgraded our 2021 growth forecast to 8.1 ... Read More
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Country Economic Forecasts - Germany
Country Economic Forecasts - Germany We have lowered our 2022 GDP growth forecast to 3.5% from 3.9% seen last month. GDP fell by a slightly larger than expected 0.7% q/q in Q4 last year as the latest infection wave took its toll and, although high-frequency and survey data for January was fairly enc ... Read More
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Country Economic Forecasts - Indonesia
Country Economic Forecasts - Indonesia We have downgraded our 2022 GDP growth forecast for Indonesia by 0.3ppts to 5.7% despite a strong growth rebound in Q4 2021. This reflects the retightening of restrictions to contain the current Omicron wave, a steady rise in inflation, and the slowing momentum ... Read More
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Country Economic Forecasts - Sri Lanka
Country Economic Forecasts - Sri Lanka We have downgraded our GDP growth forecasts for Sri Lanka by 1.5ppts to 4.5% in 2022 and by 0.7ppts to 4.3% in 2023 despite a stronger-than-expected GDP outcome in Q3 2021. This is to reflect the negative macroeconomic effects of the unravelling foreign reserve ... Read More
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Country Economic Forecasts - Ethiopia
Country Economic Forecasts - Ethiopia Revised assumptions regarding the impact of the Omicron variant of the coronavirus, coupled with a better-than-expected uptake of government securities, allowed for an upward adjustment to the GDP growth forecast for the 2021/22 fiscal year (FY, which commenced ... Read More
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