After another year of robust real GDP growth in 2017, economic activity is expected to moderate, driven by a slowdown in private consumption. The growth outlook for 2018 and 2019 is set to be supported by the measures contained in the 2018 draft budget law. Unemployment is forecast to continue its rapid decline while headline inflation should moderate despite the projected pickup in wages. The fiscal deficit continues to narrow, but at a slower pace than in 2017 due to deficit-increasing measures.

Indicators 2016 2017 2018 2019
GDP growth (%, yoy) 3,3 3,1 2,9 2,4
Inflation (%, yoy) -0,3 2,0 1,4 1,4
Unemployment (%) 19,6 17,2 15,3 13,8
Public budget balance (% of GDP) -4,5 -3,1 -2,6 -1,9
Gross public debt (% of GDP) 99,0 98,3 97,6 95,9
Current account balance (% of GDP) 1,9 1,8 1,5 1,6

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