After rebounding to an estimated 6.3% in 2010, economic growth will quicken over the forecast period, driven by higher agricultural output, which accounts for more than 60% of GDP. Earnings from the country's largest export, rubber, will remain high, helped by strong international prices as the recovery in the global automobile industry holds up. Activity in the extractive industries will increase, helped by substantial investments following the signing in 2010 of many large concessions that had been delayed because of the global slowdown, including the launch of the US$2.6bn Bong Mines operation. In particular, we expect an improvement in output in 2012, with the first shipments of iron ore from the operations of an international steel company, ArcelorMittal. Growth in manufacturing will be limited by competition from cheaper imports and unreliable electricity and water supply. Investments in palm oil and timber will start production, albeit at modest initial levels, and activity in the forestry sector will gather momentum. Overall, real GDP growth is forecast to pick up to 7.3% in 2011, before accelerating to 8% in 2012 as a result of increased investment activity.