Euben Paracuelles Expect Quotations

The hike in pump prices, and electricity and gas tariffs that have also been raised, fed through to overall consumer prices. Given that the MAS expects a higher pass-through from oil, and for inflation to be higher even in 2006, the current policy stance will remain appropriate.

The December imports growth came higher than our expectations. This means that we can expect a better export performance in the months ahead.

Growth should accelerate next quarter and we expect the official forecast for the year to be raised. We are seeing signs of electronics improving.