The reasons for the central bank's decision are clear: domestic demand increased by 14.6%, year-on-year, between the final quarter of 2009 and the final quarter of 2010. Domestic demand clearly needs cooling down. In 2010, although exports were up by less than 2%, imports were up by 30%.
Overall, the economy grew by 5.2% in 2010, with every sector growing apart from fishing (down 14% year-on-year) and industry (down 1%), according to the central bank. Macro-economically, the outlook is healthy. The domestic savings rate was equivalent to 22% of GDP while the total investment rate was 31%.
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