On the external front, continued weakness in commodity exports, in particular petroleum products, was partly offset by solid performance of electrical and electronics exports. The decline in the import of intermediate goods also implied a growing value-added contribution of the electrical and electronics sector (World Bank, 2015b). Private consumption could be constrained by expected slower growth in inflation-adjusted earnings as price pressures build up slowly in coming years. On the other hand, accommodative monetary policy would continue to support consumption, with the policy interest rate being left unchanged and the reserve requirement ratio having been reduced by 50 basis points in January 2016.