Aggregate Expenditure 1980-2022 §

2016 §

Consumption in decline since 2016

2020 §

Declines in Consumption exastrabated by pandemic.

• Pandemic Shutdowns

• Household savings rise

• Consumption Declines

• Net Exports Increase (import decrease)

• Pandemic Shutdowns (border closures)

• Largest Import, Tourism, disrupted

• Net Exports Increase (import decrease)

Ambiguous §

“In the last few years” Net Exports of goods & services have been positive up to 6% of GDP