GDP growth in 2015 reached a five-year high of 6.7%, in the face of unfavorable external conditions from stalled global demand to plunging commodity prices weighing on export growth. We expect continued strength in 2016 and forecast GDP growth of 6.8%. FIEs, as usual, led the way with persistent expansion of export-oriented manufacturing. Construction and retail sales, proxies for domestic consumption, delivered their best performance in five years.