Year-end rally to cap off a decent year Buoyant 4Q16 growth at 3.1% y/y was up significantly from the muted 2.0% in 3Q16. This brings 2016 GDP to 1.9%, down from 2.4% in 2015. Growth is projected to be at the 2-3% range in 2017. Growth powered by Exports and consumption: Consumption grew 1.5% y/y in 4Q16, up from 0.9% in 3Q16, lifted by more optimistic consumer sentiment and higher wages. Exports surged 3.9% y/y, rising markedly from 0.7% in 3Q16, on the back of strong global...(continued)

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