Global strengthening of cost-push pressures and the spread of the Omicron variant in our key foreign trade partners led not only to the upward revision of inflation projections, but also to a slowdown in economic activity and a downward revision of GDP growth projections.
Despite unfavourable circumstances in the international environment, the NBS kept its November projection of real GDP growth for this and the following years. In 2022, as well as in the medium run, GDP growth is expected at 4.0–5.0% range, with the central projection in all years measuring 4.5%.