Macroeconomic performance continues to be better than envisaged in the program. In 2015, real GDP growth is projected at 3.5 percent, led by a broad expansion across sectors and supported by favorable terms of trade, growth in trading partners and strong capital inflows. Inflation through October remained low at 2.5 percent—below the program projection of 3.3 percent—owing to a better policy mix as well as the effects of lower fuels prices. Private credit growth remains steady and overall investor confidence, as measured by declining spreads on external debt, has improved. For 2016, the outlook remains just as positive, with inflation low at about 5 percent and real GDP growth projected at 3.5 percent.