Growth remains strong in 2018 but is set to slow in 2019 as construction experiences capacity constraints and the impact of minimum wage increases on consumption fades. The tight labour market will gradually feed into costs and prices while strong demand should contribute to a narrowing current account surplus. Growth is also being supported by fiscal expansion that should see the deficit peaking at 2.4% of GDP in 2018.

Indicators 2016 2017 2018 2019
GDP growth (%, yoy) 2,2 4,0 4,0 3,2
Inflation (%, yoy) 0,4 2,4 2,3 3,0
Unemployment (%) 5,1 4,2 3,7 3,6
Public budget balance (% of GDP) -1,7 -2,0 -2,4 -2,1
Gross public debt (% of GDP) 76,0 73,6 73,3 71,0
Current account balance (% of GDP) 6,1 2,9 1,2 0,9

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