* NBS estimate. This year’s GDP growth will be led by domestic demand, primarily private consumption and inventories. On account of lower production costs and reduced global uncertainty, as well as relatively high planned government capital investment, as of next year we also expect a relatively high contribution from fixed investment, whose share in GDP should remain close to 23%.
In this regard, the exchange rate serves as both an automatic buffer for internal and external shocks and as an integral part of the monetary policy transmission mechanism.