We have nudged up our 2025 GDP growth forecast by 0.1ppt to 2.4% y/y after a stronger-than-expected November IMACEC activity print. However, our outlook remains one of weak, yet recovering, domestic demand as the sharpest rises in electricity prices end this month and prospects of a boost to consumer electricity subsidies are strong. Improving quarterly growth momentum this year means a pick-up in annual growth to 3% y/y in 2026.
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