We continue to expect economic activity to pick up through 2013, but near-term momentum now appears to be slightly softer than previously anticipated. These and other developments will all be taken into consideration as we revise our economic projections, to be published on January 23 with the next interest rate decision.
The strength and durability of the pick-up in growth through 2013 and beyond will depend critically on how successful we are in regearing our growth to exports, investment and innovation. We are well prepared. We have a myriad of strengths.