The energy sector continues to face the challenge of constrained gas supplies, coupled with the natural decline in production rates at mature hydrocarbon-producing wells.
The non-energy sector is expected to benefit net from the continued strength in business activity, alongside robust consumer demand.
These assessments are contained the latest economic report issued by the central bank.
It said inflation is expected to remain low in 2024, barring fresh external shocks.
Weather conditions, possibly higher utility rates and the levy of property taxes could potentially prompt an uptick in domestic inflation.
Total exports declined by 45.0 per cent to US$2,533.7 million in the third quarter of 2023 compared to one year ago.
The unemployment rate fell to 3.2 per cent in the third quarter of 2023, lower than the 5.4 per cent recorded in the same period one year earlier.
Domestically, Gross Domestic Product at constant prices expanded in the first quarter of 2023, driven by positive output in the non-energy sector.
Preliminary indicators suggest that domestic economic activity in the non-energy sector remained robust in the second and third quarters of 2023 while energy sector production waned.