Year-on-year, the GDP advanced 0.6 percent from July to September, slightly up from 0.4 percent in the previous period. While private consumption and investment improved; exports, which make up about 70% of the country's economy, declined.
The Office of the National Economic and Social Development Board said the economy grew a meager 0.2 percent in the first nine months of 2014. Private consumption and exports contracted by 0.2 percent each; total investment shrank by 4.5 percent, with a 7.8 percent contraction in public investment and a 3.6 percent fall in private investment.
Slow economy has forced the Planning agency NESDB to cut growth forecasts for the fourth time this year. It expects the GDP to expand by 1 percent, as compared to 1.5-2 percent target in the previous forecast. Private consumption is expected to grow 0.7 percent and investment to contract 1.9 percent. The headline inflation is likely to remain subdue at 2.1 percent while the current account tends to record a surplus of 2.9 percent of GDP.