In the second half of 2003, real GDP expanded at an annualised pace of over 5 per cent, as the farm sector gained ground on the back of better climatic conditions, and the non-farm economy continued to expand, helped by strong domestic spending and the early stage of a recovery in exports.
It was unlikely that growth at that pace would persist, and according to figures released earlier today, the speed of growth early in 2004 was noticeably more moderate. A range of business surveys suggest that conditions experienced in the first four or five months of 2004, while as strong as those of late 2003, were nonetheless better than average.