We have nudged up our 2025 GDP growth forecast by 0.1ppts to 2.5% y/y after stronger-than-expected December activity. Recent data suggest an improving consumer outlook, as spending appears to have remained resilient towards the end of 2024, despite large rises in regulated electricity prices. Inflation of close to 5% y/y and growth risks are to the upside. A recovery in copper production also supports the outlook. As a result, we brought forward the recovery in momentum to this year, lowering our 2026 annual GDP growth forecast by 0.2ppts to 2.8% y/y.
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