In the second quarter of this year real GDP growth is estimated to have grown by 0.3% quarter on quarter, following upwardly revised growth of 0.4% in the first quarter. In contrast to the first quarter, developments in demand appear to have been more broadly based, as activity was supported by private consumption, export growth and inventories.
However, overall domestic demand growth remained subdued as a result of the protracted weakness of investment. Looking ahead, the most likely scenario is that of ongoing, albeit modest, growth in real GDP in the second half of this year, with growth rates in line with potential growth in 2003.