The real GDP is forecast to grow by 5.4% in 2003 mainly due to increased investment, while real growth in 2004, forecast at 5.1%, will be driven by private consumption.
If the proposed tax reform is implemented in 2004, it will further stimulate private consumption at the expense of the state.
Increases in profits and financial market developments are expected to contribute to a rise in investment activity in 2003.
The import growth rate is expected to outstrip export growth, reducing the trade surplus in the forecast period.
Construction will reach high growth rates due to increase in investments in the year 2003.
A poor grain harvest is expected to lead to a further deceleration of growth in agriculture in 2003.
