GDP grows 0.1% QoQ in 3Q14 after having declined in the first two quarters of the year

GDP expanded 0.1% QoQ in 3Q14, putting an end to the recession the country faced in the first half of the year, when economic activity declined 0.2% QoQ and 0.6% QoQ, respectively, in 1Q14 and 2Q14. The slight growth in 3Q14, which was in line with expectations (BBVA: 0.1%QoQ; consensus: 0.1% QoQ), was driven by a rebound in both investment and in public consumption. We expect the very gradual recovery to continue in 4Q14 and GDP to grow 0.2% in 2014.

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