The economy withstood the global economic crisis thanks to a timely macroeconomic policy response and a solid banking sector. Although strong profits in the mining and oil sectors have supported business investment, employment growth slowed in the autumn and winter, and confidence weakened, largely reflecting temporary factors. The latest indicators suggest the economy is picking up, and the outlook is for continued moderate output growth and inflation in 2012-13. However, record low mortgage rates have pushed house prices up substantially in some cities, and boosted household indebtedness, which poses an increasing risk.