GDP: The Institute forecasts real GDP growth at 4.6% in 2011 and 5.3% in 2012. The growth depends largely on the government policies directed at facilitation of business environment. Further fiscal consolidation, including implementation of pension reform, is also required.
Fiscal Indicators: Consolidated fiscal expenditures are likely to decline in relation to GDP due to lower fiscal deficit, expected at 3.1% of GDP in 2011 and 2.3% of GDP in 2012. Capital expenditures will slightly increase contributing slightly to the total investments.
