The Bank forecasts that growth will average 3,7 per cent in 2011 and 3,9 per cent in 2012. Various high frequency indicators suggest a positive growth momentum going forward.
The composite leading business cycle indicator has remained in positive territory, both business and consumer confidence levels are relatively high, and the Purchasing Managers Index for the manufacturing sector maintained a level above the key 50 threshold. Notwithstanding these developments, unemployment remains very high.