The Central Bank’s outlook for 2023 has been categorised as favourable, barring major external shocks.
In its latest Monetary Policy announcement released on March 31st, the Central Bank says its “latest estimates put the country’s growth in 2022 at around 2.5%.” 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% in January 2023. Food inflation remained unchanged and inflation outside of that slowed to 6.1% from 6.7%. This, as price increases eased for housing, building materials, communication and furnishings.