Economic growth is projected to remain at around 3% until 2021. Private consumption will continue to be the main driver of growth, sustained by higher wages and solid employment gains. Uncertainty about the external environment will slow the pace of new business investment. Improvements in export performance will slow with rising labour unit costs. The import content of exports is rising, as foreign demand for goods with higher domestic value added weakens. Domestic demand is increasingly satisfied through imports, owing to tightening capacity constraints.