Annual Report and Consolidated Accounts 2015
Global situation
Recent Eurosystemestimates point to a world GDP growth of 2.9% in
2015 - the worst performance since the great recession of 2009 and
far from the 3.6% projected at the beginning of the year -, reflecting
the weak performance of some of the largest emerging economies.
The Chinese economy slowed sharply in the second half of 2015, reg-
istering an annual growth of 6.9%. In the transition to a model that is
less dependent on industrial production, the decline in investment
and exports was partly compensated by the increase in domestic
consumption, a trend that is expected to continue in 2016, with an
estimated GDP growth of approximately 6.5%.
In 2015, Brazil registered the most serious economic downturn in
recent years (a GDP contraction of 3.6% is estimated). In themidst of
a political crisis resulting from successive corruption scandals, with
a devaluing real and a very high cost of living, the Brazilian economy
is expected to contract less in 2016, initiating a gradual recovery of
the export sector.
The Russian economy is expected to have contracted by 3.8% in 2015,
with inflation reaching 15.6%, and GDP growth is estimated to remain
negative at 0.5% in 2016.
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