Economic activity is expected to improve in 2024, bolstered by continued buoyancy in the non-energy sector, while activity in the energy sector will likely remain subdued.
This update is contained in the latest Central Bank Economic Bulletin January 2024.
It says the energy sector continues to face the challenge of constrained gas supplies, coupled with the natural decline in production rates at mature hydrocarbon-producing wells.
The non-energy sector is expected to benefit from the continued strength in business activity, alongside robust consumer demand.
Inflation is expected to remain low in 2024, barring fresh external shocks.
Weather conditions, possibly higher utility rates and the levy of property taxes could potentially prompt an uptick in domestic inflation.