The economy continued to expand robustly, although at a slower-than-projected pace. Real GDP is estimated to have grown by 5.6 percent in 2015, driven by public infrastructure spending, buoyant credit growth, and strong consumer demand. But the growth acceleration in 2015 is slower than projected under the program, reflecting delays in planned road infrastructure spending, weaker tourism receipts, and volatile external capital flows. Gross international reserves at about 4 months of imports remain adequate. At the same time, inflation rose to 8 percent in December, exceeding the upper bound of the authorities' target range for inflation (5+/-2.5 percent).
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|Size: ||1.5 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2016|
|ISBN: ||9781498334389 (DRM-EPUB)|
|Read Aloud: ||not allowed|