The real GDP growth rate for the July–September quarter of 2010 was 2.5 percent on an annualized, seasonally adjusted quarter-on-quarter basis, confirming this assessment. Steady growth in exports and private consumption, which accounts for about 70 percent of GDP, was the major factor behind the recovery.
The surveys conducted by the RBF – Business Expectations and Retail Sales Surveys – together with direct feedback from industry groups and the private sector, echo many positive sentiments as well. Investment as a percentage of GDP is estimated at 28 percent in 2013, above the Government’s target of 25 percent. The growth forecasts for 2014 and 2015 have also been revised upwards.