Economic Developments and Macroeconomic Policy, 2003-2005


In 2003, after two years of decline, economic activity stabilized, while domestic demand continued to contract and exports picked up slightly (this analysis relies on preliminary estimates and forecasts based on partial and incomplete data). GDP rose by 1.1 percent in 2003, and per capita GDP fell by 0.7 percent. Business-sector product expanded by 1.3 percent, significantly below its potential growth rate. Business-sector employment increased moderately, alongside a reduction in the number of hours worked per employee.

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