Consumer behaviour, as well as the dynamics of export figures, must therefore continue to be watched. With growth of 2.3% in 2020, China nevertheless was the only major economy that had positive growth last year. Following the example of China, India also published growth figures better than expected in the fourth quarter, with a rise of 0.4% against a reduction of 7.4% in the previous quarter. The strong rebound in construction and manufacturing activity saw a resumption of growth in GDP after two consecutive quarters of contraction.
In the United States, GDP also showed a recovery dynamic for the fourth quarter with an estimate of 2.4%, after contractions of 9% and 2.8% recorded in the second and third quarter. The main contributors at year end came under the heading of exports and consumption.