Economic growth is projected to slow but remain at a comfortable range in 2018 (+2.5%/+3%). Tighter financing conditions, weak productivity growth and capacity constraints would act as a drag. Resilience will stem from a better external environment with improving commodity prices and a gradual improvement of external demand. Domestic demand should remain firm. Reasons include the robust labour market and higher household income which sustain a rise in private consumption. At the same time, fiscal policy should become more expansionary.