March 2003 — US weakness has negatively affected the outlook for the overall economy but the domestic economy is still in good shape.
The recent indications imply moderate growth in the first half of this year.
Employment growth will slow in the second half of 2003, moderating housing market activity and consumer spending growth.
Although GDP growth has been slowing, domestic demand has remained stable.
The business sector, with an improved financial position, should increase investment later in the year.
The external sector will improve with the US economy, but non-US trade will help in the mean time.
The Bank continues to be in a rate-increasing posture.
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