1. This statement contains information that has become available since the staff report was finalized on December 19, 2017. It does not alter the staff’s assessment of policy issues and recommendations contained in the report nor does it alter the staff appraisal.
2. Data releases for November continue to be broadly in line with staff projections. CPI inflation rose to 1.6 percent (y/y) in November. Growth in tourist arrivals accelerated to 7.0 percent (y/y) in November from 6.6 percent in October, supporting retail sales, which rose from 3.6 percent (y/y) in October to 6.9 percent. House prices increased by 13.1 percent in November, up from 12.8 percent in October. Credit growth slowed down to 15.2 percent (y/y). The current account balance in Q3 strengthened to 8.5 percent of GDP, reflecting seasonality in the goods balance and a larger-than-expected primary income balance, resulting in a slight upside potential to the staff’s full year projection of 3 percent of GDP.