GDP is expected to rise by 2.0% in 2016 and 3.0% in 2017 after a 0.5% fall in 2015. Over the period 2016-2020 the economy is expected to grow on average by 3.2%. This compares to average annual growth of 3.8% in the years 2011 to 2015.Consumer spending is forecast to expand by 2% in 2016 and 3% in 2017. Consumption is expected to remain broadly unchanged at 89.1% of GDP during the forecast period. Investment growth is expected to strengthen. It is forecast to be 2.0% in 2016, up from -0.5% in 2015 before accelerating to 3.0% in 2017. The investment share of GDP is expected to remain broadly unchanged at 24.2% during the forecast period.
