Regarding exports of services, their rise in 2017 is attributable to buoyant travel receipts as well as higher shipping receipts, as a result of both a recovery in global trade and sea transport and the fact that the impact of capital controls has weakened. Growth is expected to pick up in 2018 and 2019, with private consumption and investment as its key drivers.
Consumption is expected to recover, mainly on the back of higher household real disposable income as a result of increased employment. The contribution of investment is expected to be positive, chiefly due to stronger business investment, reflecting the gradual restoration of confidence and liquidity in the financial system, as well as the acceleration of privatisations.