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Economy & Business - July 2005

Better than expected

The economy has got to 2005's halfway point in reasonable order. There are signs that the domestic economy is slowing down, but there are also signs that the central bank has sensed this and moved, in an orthodox response, to a contra-cyclical monetary policy. The government's fiscal revenues are under no pressure thanks to the strength of oil prices. And so far the government has resisted the temptation to splurge.

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