Economic Growth Forecast Revised Upwards

Economic Growth Forecast Revised Upwards

Recent data from the Ministry of Finance indicates a stronger-than-expected recovery in the manufacturing and services sectors. This positive trend has prompted leading financial institutions to adjust their annual growth projections.

A line chart showing quarterly GDP growth over the past two years.
Quarterly GDP growth trends.

The revised forecast now predicts a GDP increase of 3.2% for the current fiscal year, up from the previous estimate of 2.8%. Analysts point to increased consumer spending and a surge in exports as the primary drivers.

Key Points

  • Manufacturing output rose by 5.4% last quarter.
  • Service sector confidence hits a 10-year high.
  • Unemployment rate fell to 4.1%.

While the outlook is positive, some reports caution about potential inflationary pressures in the coming months. The central bank is monitoring the situation closely and has stated its readiness to adjust monetary policy if necessary to ensure stable prices.