Resource information
Robust GDP growth continues, and real
growth for 2014 has been revised up by the authorities to
7.1 percent from an earlier estimate of 7.0 percent. Strong
domestic demand, boosted by a construction boom and
accommodated by high domestic credit growth, helps offset
the moderation in export growth with the slowdown of the
garment, tourism and agriculture sectors observed in the
first half of 2015. As an oil importer, the country benefits
from the slump in oil prices, contributing to savings on
petroleum imports. In this setting, growth is projected to
ease slightly, to 6.9 percent in 2015. Downside risks to
this outlook include potential renewed labor discontent,
further appreciation of the US dollar, a delay in economic
recovery in Europe, and a hard landing of the Chinese economy.
