Economic activity in the first half of 2016 increased as compared to the first half of 2015, but was lower than expected. This to large degree reflected difficulties in moving products and inputs to their customers. We project that economic activity will increase in the remainder of 2016 as logistical problems reduce and external conditions improve. Thus, we will likely keep our forecast of GDP growth in 2016.
For 2017, economic outlook remains positive. We continue to expect higher external demand, significant increase in fixed capital investment. Consumer demand will be supported by real increases in pensions and welfare payments. Real GDP is forecasted to grow by 3.3%.
