GDP growth more recently has been a bit stronger than we’d expected a year ago. 7 / 16  BIS Central Banker's Speeches  Much of the early forecast miss for GDP growth owed to mining investment. In late 2012, we had forecast that mining investment would be likely to rise a little further and stay elevated for a time (Graph 7).
It soon became apparent, however, that mining companies had revised their earlier plans in response to lower-than-expected commodity prices. We revised down our forecasts accordingly. Since 2013, our liaison efforts have been instrumental in generating quite accurate forecasts for mining investment. The forecasts for resource exports have also been reasonably accurate over recent years.