Following a period of muted economic activity in the wake of the global downturn, growth has picked up since 2014, and gross domestic product (GDP) has recently overtaken its pre-crisis peak (, Panel A). Growth has broadened from exports to domestic demand (, Panel B). Monetary conditions have been very expansionary for some time, contributing to the revival of the housing market and lifting exports through currency depreciation. The budget deficit has been reduced to below 3% of GDP, and fiscal policy has moved from a restrictive to a neutral stance. Since the 2014 Economic Survey, the authorities have adopted a number of structural reforms, recording the largest increase in the Going for Growth reform responsiveness index in the OECD (OECD, 2015a), the lowest value of the OECD Product Market Regulation indicator, and the 5th best competitiveness position in the latest World Economic Forum ranking. Reform efforts have supported a business-friendly, competitive and innovative environment, boosting consumer confidence and entrepreneurial spirits.