Economic Survey, August 2004

Economic Survey, August 2004

The economic expansion appears to broadly follow the track laid out in the May 2004 Economic Survey and the projections for GDP growth in 2004 and 2005 remain unchanged, cf. figure 1.1a . Private consumption and investment have risen quite strongly and annualized GDP growth has exceeded trend growth since mid-2003 (with trend growth estimated at just below 2 per cent). Employment is rising and the upward trend in unemployment appears to have been reversed, cf. figure 1.1b . The stimulus package introduced in March 2004 – the so-called Spring Package – is not yet fully reflected in the available statistics but the package appears to have boosted consumer and business confidence.

Economic Survey, Outlook, August 2004