Growth in 2013 is expected to equal that of potential output, at 2.1 per cent. The Bank expects that the economy will return to capacity in the middle of 2012, two quarters earlier than had been projected in January.
In view of the most likely scenario that oil prices remain low for some time to come and the decreasing oil production trend, the federal government recently sent investors a sign of fiscal responsibility by announcing cuts to 2015 budgeted spending, amounting to 0.7 percent of GDP, despite the fact that oil revenue for the year is almost fully hedged.