Effect of same engine but with slightly less capacity (cc) and hp

There’s a vehicle whose engine is 1332cc which produces 94 hp in its home country. It was recently launched in my country with the same engine, but they downsized it to 1299cc (91 hp) for tax benefits. The torque of the engine is the same.

I was thinking what are effects of downsizing the engine can have? Keep in mind, the engine is exactly the same. I am not sure how the manufacturer downsized it.

The two things that came to my mind were slightly lower acceleration, improved fuel economy maybe?

Update:

• I understand 3 hp difference may not be noticeable, but suppose the power difference is slightly bigger. Then what effects can it have?