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.
Although it is difficult to interpret with certainty the estimate for the third quarter given the lack of a breakdown by components, it appears that the contribution of net exports was negative, the inventory built up was strong and private consumption growth remained sluggish.