The gross domestic product grew by 1.1% in the first quarter compared with the previous three months, from 0.7% in the fourth quarter of 2013. In annual terms, the GDP growth was 3.4%, compared with 2.7% in the earlier period.
Details show a gradual shift from external demand-driven to domestic demand-driven growth that started in mid-2013, Euler Hermes’ report shows.
EH analysts expect the growth momentum will continue and forecasts full-year expansion at 3% in 2014 and 3.2% in 2015.
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