World Bank says growth in 2018 was driven by domestic investment and increased exports

The World Bank has in their annual review of the country’s economic trend indicated that growth in 2018 was driven by domestic investment and increased exports. On the demand side, the two most important components of output were private consumption and gross fixed capital formation. But given its 5.9 percent plunge from 2017 to 2018, private consumption was a severe drag on aggregate growth, subtracting 3 percentage points. Depressed private consumption was the result of a combination of domestic issues such as post-election adjustments and limited access to private credit and external factors which are being attributed to depreciation-related inflationary pressures. The country’s 2018 aggregate growth reflected higher capital accumulation and an improvement in net exports. The contribution of gross fixed capital formation was 8 percent, offsetting the drop in private consumption.

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