Monetary Tightening To Weigh On Growth

Due to slowing growth in consumer demand and private investment, we forecast real GDP growth to come in at 5.5% in 2008 (down from an estimated 6.4% in 2007) and expect this decelerating trend to continue during the remainder of the decade. A renewed uptick in investment in the run-up to the Euro 2012 football tournament is likely to put some upside pressure on growth in 2011 and 2012.

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