Robust GDP growth continues, and realgrowth for 2014 has been revised up by the authorities to7.1 percent from an earlier estimate of 7.0 percent. Strongdomestic demand, boosted by a construction boom andaccommodated by high domestic credit growth, helps offsetthe moderation in export growth with the slowdown of thegarment, tourism and agriculture sectors observed in thefirst half of 2015. As an oil importer, the country benefitsfrom the slump in oil prices, contributing to savings onpetroleum imports. In this setting, growth is projected toease slightly, to 6.9 percent in 2015. Downside risks tothis outlook include potential renewed labor discontent,further appreciation of the US dollar, a delay in economicrecovery in Europe, and a hard landing of the Chinese economy.
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