“The sluggishness in activity towards the end of  and the deterioration in the international economic climate, especially in Europe, led to a downgrading of growth projections. GDP is expected to grow 2.7% in 2019, compared to 3.0% just last autumn.
“Growth is set to remain essentially sustained by non-financial services. Household consumption, up significantly in 2018, should remain dynamic this year and in 2020, linked to [the] strength of the labour market and wage increases. Investment is also set to rebound.
“The national economy should thus be supported by the domestic economy in the face of turbulences in the international environment. Provided this turbulence recedes, foreign demand should gather momentum and push growth above 3% in 2020.”
The Statec paper also said inflation would likely “remain close to 2% in 2019 and 2020”, and that tax revenues were forecast to rise 6.6% in 2019 and 3.3% in 2020.