Despite global economic headwinds, the economy shows no signs of cooling. In August, economic activity grew 14.7% year-on-year, which followed an equally strong 17.0% expansion in July. Meanwhile, on 1 November the government presented the draft budget plan for 2012 to Congress. The government projects USD 15.9 billion in total revenues and USD 20.1 billion in total expenses, with a fiscal deficit of USD 4.2 billion (or equivalent to 5.8% of GDP). The assumptions underpinning the plan include economic growth of 5.35% and year-end inflation of 5.14% in 2012. Officials also expect oil prices to average USD 79.70 per barrel in 2012.
