Due mainly to restrictions and self-restraint during the pandemic, private consumption became notably subdued relative to income. However, it has increased moderately, mainly for services consumption such as dining-out and travel, with the impact of COVID-19 waning.
But as these excesses are worked off, production will begin rising back up to the level of sales, thereby providing a boost to GDP growth. Another factor at work is the sharp fall in prices of oil and other commodities since the middle of 2008.