The Central Bank’s outlook for 2023 has been categorized as favourable, barring major external shocks.
In its latest monetary policy announcement, released on March 31, the Central Bank indicates its “latest estimates put the country’s growth in 2022 at around two point five per cent.” This it says, reflects a relatively favourable performance in the energy sector alongside a gradual revival in non-energy production.
The report adds domestic inflation was moderate – that is persisted at rates of 15 to 30 percent in January 2023. Food inflation remained unchanged and inflation outside of that slowed to six point one per cent from six point seven per cent. This, as price increases eased for housing, building materials, communication and furnishings.