The local economy gained some momentum in the final quarter of 2012 as the external environment improved slightly and global risks and uncertainties became more subdued. While real GDP growth rebounded to 2.5% in the fourth quarter of 2012, subpar performance during the first three quarters drove annual growth down to 1.4%. Macroeconomic indicators are pointing to an overall improvement in business conditions. Import and export trade have showed gradual improvement, while the retail sector has realized expedited growth after several quarters of sluggish performance. The technology, media and telecom industry continues to be a source of expansion, while the banking, finance and insurance sector is pegged for more stable growth in 2013. Brighter economic prospects, combined with fewer political and economic uncertainties, will allow improved economic performance in 2013 with GDP growth expected to top 3.0%.
Source : Cushman & Wakefield