Annual Report and Consolidated Accounts 2015
The first half of 2015 was characterised by strong growth of domestic
demand and exports, a trend that slowed in the second half of the
year, reflecting the slowdown in global demand.
In 2015 exports continued to perform well, registering a growth
rate of 5.2%, in spite of the sharp fall of exports to Angola, demon-
strating the capacity for diversification and gaining market share
by economic agents.
Conversely, the increase in imports (7.2%), reflecting the recovery
of domestic demand and the increase of the imported component
of exports, contributed negatively to GDP growth.
Investment decelerated during the year (growth of 3.7%, lower than
in 2014). It is important to note the positive contribution of invest-
ment in construction and the decline of investment in machinery
and equipment.
Still 12%belowpre-crisis levels, domestic demand continued to recover
in 2015 fromthe slowdown during the years of foreign assistance, with
emphasis on the expansion of household consumption (2.6%), reflecting
the increase in disposable income, the climate of greater confidence
and the improvement of the labour market.
The average unemployment rate is expected to reach 12.6%, with further
improvements expected in 2016, albeit at amoremoderate pace (12.2%).
Annual average inflation registered a positive value but still very
low (0.5%), partially explained by the significant drop in the price of
oil in international markets and reflecting the evolution of the non-
energy component in the CPI basket, with the slight upward trend
(0.8%) expected to be maintained in 2016.
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