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Andrei Sterescu

10/ The adjustment reduces the growth contribution of all domestic components. Because gross capital formation has a high import intensity, its contribution to real GDP growth is significantly smaller once the imported content is netted out.

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Andrei Sterescu

11/ From the mid-2010s, the trade balance deteriorated as domestic absorption strengthened and the import content of domestic demand increased relative to GDP. Since the pandemic, it has been associated increasingly with weaker exports relative to GDP as well.

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Andrei Sterescu

12/ The decomposition analysis raises a natural question: what drove the shift in the composition of growth from external toward domestic demand, and why has this shift coincided with rising import leakage, widening fiscal and external deficits, and eventually slower growth?

Ответ для Andrei Sterescu
Andrei Sterescu

13/ When fiscal, monetary and wage-setting policies jointly stimulate domestic demand in an economy where consumption and investment have high import content, the resulting demand impulse leaks partly into imports.