Naturally, the difficult external environment has adversely affected economic growth. In the face of weakness in industrial production in the US, and an even more complicated situation in the rest of the world, manufacturing exports have remained flat over the course of 2015. Consequently, the upturn in economic activity observed in 2015 is mostly explained by domestic demand.
3 On the one hand, the increase in employment, the recovery of real wages made possible by low inflation, higher remittances in peso terms and the expansion of bank credit have stimulated private consumption. At the same time, private investment, mainly in machinery and equipment, has shown an upward trend.