Positive outlook
On the back of further improvements in domestic and international confidence following the opening of accession negotiations with the EU, GDP growth is expected to remain strong at around 6% in 2006 and 2007.
The rigorous macroeconomic policy framework should be maintained. A long-awaited acceleration of the privatisation programme, which included large sales to foreign investors, has improved investor sentiment, although the related “loss” of dividend revenues from privatised firms could put some pressure on the fiscal outlook. Growing capital inflows are putting upward pressure on the currency, emphasising the need for an acceleration of the reforms needed to improve the flexibility and competitiveness of the economy. The positive central scenario is surrounded by risks associated with the extremely rapid growth of private credit, the exchange rate and movements in international interest rates.
Population (000s), 200471 789
Area (000 sq km)781
GDP (Billion USD), 2004302.0
Life expectancy at birth (Women, Men), 2003 71.0, 66.4
Total labour force (000s), 200424 790
Government typeRepublican Parliamentary Democracy
Indicators% change unless otherwise indicated
GDP growth5.86.06.4
Consumer price index8.06.24.5
Short-term interest rate (%)15.912.510.5
Unemployment rate (%)
Current account balance (% GDP)-6.2-6.6-6.7
Source: OECD© OECD Observer, No. 252/253, November 2005

Economic data


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