1.2% economic growth in 2013

In the last quarter of 2013, GDP expanded by 2.7140214_GDP_1_EN% against the same quarter of 2012, the fastest growth rate over the last seven years. As a result, the working day adjusted growth rate in 2013 as a whole hit 1.2%, almost identical to our forecast of 1.3% in the last Economic Trends in January. The seasonally adjusted Q/Q growth rate amounted to 0.6%, while the absolute level of GDP reached the highest level since Q1 2009. According to the Statistical Office, mainly agriculture, industry, and con140214_GDP_2_ENstruction contributed to economic growth, while on the expenditure side, net export and investments may have been the dominant drivers of growth. We expect the continuation of Q/Q growth at a roughly similar pace in 2014 and an annual growth rate of about 2.2% for both 2014 and 2015.