The jobs lost during the crisis have been entirely recovered, and the unemployment rate stands at its lowest level in nearly nine years, despite an increase in the labour force of more than 2%. Recent business surveys point to a continued positive outlook for employment. Our monetary policy measures have thus been successful.
Progress towards a sustained adjustment in the path of inflation In spite of the recent moderation in economic activity, economic conditions remain favourable. The moderation in the first half of 2018 is attributable to a pull-back from the high levels of growth in the previous year, compounded by some temporary and supply-side factors, as well as a weaker impetus from external trade.