Moreover, as the availability of credit is also limited for households, they need to accumulate sizeable savings to purchase durable goods and houses.
Economic and monetary developments  After the positive developments in the first half of 2004, more recent data have indicated that growth dynamics moderated somewhat in the second half of the year. Real GDP growth in the third quarter of 2004 is estimated to have been 0.3% quarter on quarter, following growth rates of 0.7 % and 0.5 % in the previous two quarters.