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  • We revise our 2006 real GDP growth forecast upward to 3.7% from 3.4%, as higher domestic demand growth overtakes the slack in net exports
  • Strengthening residential construction activity, higher public investment spending and improved business sentiment point to a dynamic bounce in investments following their year-long slump in 2005
  • Demand-side pressures, persistently high oil and raw material prices and above-inflation increases in private sector wages are likely to maintain upside price pressures, with annual inflation remaining above 3.0% both this year and the next