Recent Economic Developments, 106

Overview:

In the first half 2004 (the period reviewed) the trend of expansion in economic activity evident since the second half of 2003 became more firmly established. Nonetheless, according to the composite State-of-the- Economy index, the Bank’s Companies Survey, and other indicators of economic activity, two sub-periods may be discerned in the first half of 2004: acceleration in the rate of growth of business-sector activity in the first quarter of the year, followed by a slowdown in the second quarter.

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