Real GDP growth accelerated in 2017, driven mainly by private consumption. Looking ahead, growth is set to decelerate but remain above potential. Unemployment fell to its lowest levels in more than twenty years in 2017 and is expected to remain low over the forecast horizon. Inflation has turned positive and is set to further pick up as the output gap widens. The budget deficit is projected to increase due to public wage increases projected in the unified wage law.

Indicators 2016 2017 2018 2019
GDP growth (%, yoy) 4,6 5,7 4,4 4,1
Inflation (%, yoy) -1,1 1,0 2,9 3,0
Unemployment (%) 5,9 5,3 5,1 5,0
Public budget balance (% of GDP) -3,0 -3,0 -3,9 -4,1
Gross public debt (% of GDP) 37,6 37,9 39,1 40,5
Current account balance (% of GDP) -2,3 -3,1 -3,2 -3,4

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