This, weighed against the positive population growth rate estimated at 2.6 per cent, underscores the rate of poverty growth in the country.
“National disposable income grew by -1.48 per cent in the third quarter of 2021 and 2.84 per cent in the fourth quarter of 2021, but recorded growth of 0.32 per cent and -1.28 per cent in Q3 and Q4 of 2020 on a year-on-year basis in real terms, giving a slower growth rate of -2.52 per cent for yearly figure in 2021 compared to a positive growth rate in end 2020 ,” the report said.
“Household consumption accounted for the largest share of real GDP at market prices, representing 70.85 per cent and 71.35 per cent in Q3 and Q4 2021 respectively, compared to 61.77 per cent and 69.58 per cent in the corresponding quarters of 2020. Net Exports, which represented 8.11 per cent of total real GDP at market prices in Q3 2021, however, declined slightly in Q4 to 7.86 per cent,” NBS said.
The index grew by 4.66 per cent, which was 19.38 percentage points higher than what was recorded in 2020. As expected, the rising household consumption in stark contrast with falling disposable income is taking its toll on savings. In real terms, savings grew by -30.99 per cent in Q3 and declined further by –5.45 per cent in Q4. On yearly basis, 2021, real savings contracted by -42.62 last year as against -5.
Source: News Formal (newsformal.com)
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