Investor Presentaiton

18.0% Robust economic growth persisted in 2023 as slowing external demand was substituted by stronger domestic spending Real GDP y-o-y growth 2011-2022 average 2021 1 2 2022 2023 2024F 2025F 5.2% 10.6% 11.0% 7.5% 6.0% 5.5% 14.6% 11.6% 11.0% 10.5% 9.7% 9.3% 10.6% 2.6% 8.3% 7.3% 7.5% 7.7% 8.8% 8.3% 8.4% 5.8% 6.2% 7.2% Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 7.0% 5.8% 5.5% 5.1% Feb-23 Mar-23 Apr-23 Key growth drivers in 2023: Robust domestic demand driven by strong investment and consumption spending Increased activity in the trade, IT, construction, transport, and education sectors Solid inflows from tourism and exports: Tourism revenues up by 17.3% y-o-y Export of goods increased by 9.1% y-o-y 5.9% Growth outlook for 2024: Real GDP growth is expected at 6.0% in 2024 driven by strong consumption and investment expenditure along with resilient external demand Sustained geopolitical instability in the region and tight global financial conditions pose downside risks to the outlook Increased fiscal space and replenished international reserves cushion the economy from possible shocks down the road May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Source: Geostat, Galt & Taggart Note: In February 2024, Geostat revised the historical series of GDP in line with the recommendations from international organisations such as the IMF and Eurostat. 5

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