World Bank2015-01-052015-01-052014-10https://hdl.handle.net/10986/21084Economic growth slowed to 3.5 percent in 2013 and 2.7 percent year-on-year in the first half of 2014. The slowdown is the result of a number of factors such as slackening foreign direct investment (FDI), dependence on a limited number of commodity exports, and a difficult external economic environment. Consumer lending and remittances continued to support private consumption, but under-execution of government spending suppressed aggregate demand. On the supply side, the mining and energy sectors performed particularly badly, offsetting positive developments in manufacturing. Year-on-year inflation reached close to zero in August 2014, following a long decline since energy price increases caused it to flare up in July 2013. Twelve-month inflation slowed to 0.8 percent in August, well below the central bank s 2.5 5.5 percent target range. The decline came despite new electricity price increases in the same month. On the whole, second-round price pressures were minimal. Core inflation, excluding prices for food and fuel, was being held below headline inflation in the second half of the year.en-USCC BY 3.0 IGOACCOUNTINGACCUMULATION OF RESERVESAGGREGATE DEMANDAGRICULTURAL COMMODITIESAGRICULTUREANNUAL GROWTHBASIS POINTBASIS POINTSBENEFICIARIESBONDSBROKERAGEBUFFERSCAPACITY CONSTRAINTSCAPITAL FLOWSCAPITAL MARKETSCENTRAL BANKCENTRAL DEPOSITORYCOMMERCIAL BANKCOMMERCIAL BANK LOANCOMMERCIAL BANKSCOMMODITY PRICESCOMPETITIVENESSCONSOLIDATIONCONSUMER PRICE INDEXCONSUMPTION BASKETCONSUMPTION BASKETSCONSUMPTION GOODSCONSUMPTION GROWTHCONSUMPTION SPENDINGCORE INFLATIONCPICREDIT EXPANSIONCREDIT RATINGCURRENCYCURRENCY MISMATCHESCURRENT ACCOUNTCURRENT ACCOUNT BALANCECURRENT ACCOUNT DEFICITCUSTOMS UNIONDEBT HOLDINGSDEBT SERVICEDEFICIT FINANCINGDEFLATIONDEPRECIATIONDEVELOPING COUNTRIESDEVELOPMENT BANKDEVELOPMENT POLICYDEVELOPMENT STRATEGYDISBURSEMENTSDOMESTIC CAPACITY CONSTRAINTSDOMESTIC DEBTDOMESTIC DEMANDDOMESTIC INVESTORSDOMESTIC LIQUIDITYECONOMIC ACTIVITYECONOMIC CRISISECONOMIC DEVELOPMENTSECONOMIC GROWTHECONOMIC POLICYELASTICITYEQUITY ISSUANCEEUROBONDEXCHANGE RATEEXCHANGE RATE POLICIESEXPENDITUREEXPENDITURESEXPORT DIVERSIFICATIONEXPORT GROWTHEXPORT MARKETEXPORTERSEXTERNAL DEBTEXTERNAL DEMANDEXTERNAL FINANCINGEXTERNAL SHOCKSEXTREME POVERTYFINANCIAL MARKETFINANCIAL MARKETSFISCAL BALANCEFISCAL DEFICITFISCAL EFFORTSFISCAL POLICYFIXED INVESTMENTSFLEXIBLE EXCHANGE RATEFOOD PRICEFOOD PRICESFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN INVESTORSFREE TRADEFREE TRADE AGREEMENTFREE TRADE AGREEMENTSFUTURESFUTURES MARKETSGDPGENERAL EQUILIBRIUMGEOPOLITICAL TENSIONSGLOBAL DEMANDGLOBAL ECONOMYGLOBAL INTERESTGLOBAL MARKETSGOVERNMENT DEFICITGOVERNMENT GUARANTEESGOVERNMENT SECURITIESGOVERNMENT SPENDINGGRACE PERIODGRADUAL DEPRECIATIONGROSS DOMESTIC PRODUCTGROWTH RATESHOLDINGHOLDINGSHUMAN DEVELOPMENTIMPORTIMPORT COSTSIMPORT GROWTHIMPORT TARIFFIMPORT TARIFFSIMPORTSINCOMEINCOME TAXINFLATIONINFLATION TARGETINGINFLATION TARGETING REGIMEINFLATIONARY PRESSUREINFLATIONARY PRESSURESINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNATIONAL MARKETSINTERNATIONAL RESERVESINTERNATIONAL TRADEINVESTMENT BANKINVESTMENT OPPORTUNITIESJUSTICE SYSTEMSLABOR FORCELABOR MARKETLABOR PRODUCTIVITYLIBERALIZATIONLOAN PORTFOLIOSLONG-TERM LOANSLONG-TERM OBLIGATIONSMACROECONOMIC ENVIRONMENTMACROECONOMIC RISKMARKET EFFICIENCIESMARKET EFFICIENCYMETALSMINERAL PRICESMONETARY FUNDMONETARY POLICYNATURAL RESOURCESNET IMPORTSNOMINAL EXCHANGE RATENOMINAL WAGESNONPERFORMING LOANSNPLOILOIL PRICESOPEN MARKETOPEN MARKET OPERATIONSOUTPUT GAPPENSIONPENSION SYSTEMPENSIONSPOPULATION GROWTHPOVERTY REDUCTIONPRICE DYNAMICSPRICE HIKEPRICE INCREASEPRICE INCREASESPRICE INDEXESPRIVATE CONSUMPTIONPRIVATE DEBTPRODUCTION TECHNOLOGYPROFIT MARGINPUBLIC DEBTREAL EXPORTREAL EXPORT GROWTHREAL GDPREAL IMPORTRECESSIONREGISTRATION FEESREMITTANCEREMITTANCESREPAYMENTRESERVESRETURNRETURNSSHORT-TERM DEBTSHORT-TERM EXTERNAL DEBTSHORTFALLSLOWDOWNSLOWDOWNSSTRUCTURAL REFORMSSTRUCTURAL UNEMPLOYMENTSUPPLY SIDESURPLUSTARGET RANGETARIFF INCREASETARIFF INCREASESTARIFF POLICYTAX CREDITSTAX EXEMPTIONSTAX INCREASETAX RATETELECOMMUNICATIONSTERMS OF TRADETOTAL EXPORTSTOTAL EXTERNAL DEBTTRADE BALANCETRADE IMPACTTRADE PATTERNSTRADE POLICYTRADE RESTRICTIVENESSTRADE SHOCKTRADINGTRADING PARTNERTRADING PARTNERSTRANCHETRANSPARENCYTREASURYTREASURY BILLTREASURY BILL RATETREATYTURNOVERUNCERTAINTYUNEMPLOYMENT RATEWEIGHTSWORKING CAPITALWORLD TRADEWORLD TRADE ORGANIZATIONWTO10.1596/21084