GDP grew 0.9% in 2015, which was only a mild acceleration compared to the three previous years. 2015’s growth was driven by strong domestic demand, supported by higher private and public spending and a rebound in fixed investment. The tax reform introduced in January 2016—a cut in the income tax rate for low wage earners—likely encouraged consumption in the first months of the year. Moreover, the optimism seen in the industrial sector at the end of 2015 carried over to this year: in January, growth in industrial production gained ground and the March manufacturing PMI confirmed the positive development.


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