This performance is highly related with positive expectations about the new government that took office in mid January. So far, the government has given clear signals of being a pro-private sector government. In its first month in office the government has launched a competitiveness agenda and an integrated policy for foreign trade, competitiveness and investments.
These and other specific actions have contributed positively to expectations about economic growth despite the uncertainty on the global economic prospects. Declining commodity prices have contributed to easing of headline inflation since mid 2011, reaching 6.20 percent by the end of the year, slightly above the top limit of the Monetary Board’s target of 5.0 percent plus minus 1 percentage point.