Economic activity accelerated strongly in 2017, supported by private consumption and rebounding investment. Domestic demand is set to drive growth going forward, but capacity constraints are expected to build up. The labour market is becoming increasingly tight and price pressures are expected to increase over the forecast horizon. The structural balance is expected to deteriorate as a result of fiscal loosening.

Indicators 2016 2017 2018 2019
GDP growth (%, yoy) 2,2 3,7 3,6 3,1
Inflation (%, yoy) 0,4 2,3 2,6 3,0
Unemployment (%) 5,1 4,2 4,0 4,0
Public budget balance (% of GDP) -1,9 -2,1 -2,6 -2,3
Gross public debt (% of GDP) 73,9 72,6 71,5 69,4
Current account balance (% of GDP) 6,1 4,3 3,3 3,2

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