All these improvements in financial conditions justify our staff projections published in March pointing to a sustained recovery that leads to a real growth rate of 2.1% in 2017, the elimination of the present negative output gap and an inflation rate of 1.9%.
This 4% nominal growth rate is equal to the average between 2000 and 2008 and much higher than the meager 0.87% average from 2009 to 2014, with 1.8% last year. If the exogenous external factors implicit in those projections materialize and our policies are successful, it is very important to underline the deep significance of what these numbers imply.