Gross domestic product (GDP) decreased 0.3% sequentially in the fourth quarter, following a 0.2% fall in the third quarter.

Economists had forecast a 0.6% fall.

By contracting further in the last quarter of 2022, the economy has now entered into a technical recession, which is described as two quarters of output decline in a row. On a yearly basis, the GDP advanced by 0.4%, down from a 1.5% rise in the previous period but above market forecasts of a meager 0.2% growth.

Considering the full year of 2022, the economy advanced by 2.5% over a year ago.