The 2022 fourth quarter Business Expectation Survey results report has been released. The results of the Report show that firms were more optimistic about business conditions in the fourth quarter of 2022 compared to the previous quarter. The optimism in the fourth quarter was reflected in the anticipated improvement in investment in plant, machinery, buildings, and other investment for the period. This improvement mainly reflects a continued domestic economic recovery following relaxation of COVID-19 restrictions as well as implementation of the Economic Recovery and Transformation Plan (ERTP), among others. However, business conditions are expected to be slightly supressed in the first quarter of 2023 but improve in the 12-month period to December 2023. Firms expect the economy to expand by 4.4 percent in 2022, and inflation expectations declined but remain above the Bank’s objective range of 3 – 6 percent.
The full report is attached below: