Due to lacklustre domestic demand, economic activity is being sustained by exports. Moreover, foreign trade is increasingly reliant on the EU, as exports to the Union account for two-thirds of the overall exports, according to Economic Trends, a monthly publication of the Faculty of Law's Economic Institute.
Favourable trade figures for the last quarter of 2004 boosted year-on-year GDP growth by nearly a percentage point, the institute notes. If exports stay on track, GDP growth is likely to accelerate in 2005.
However, in November and December exports and overall orders slackened, optimist continued to oscilate, while inventories of unsold products increased.
Managers' expectations were subdued in October and November, but improved again in December, when optimism was higher than a year before although still lower than in 2000.
Industrial output started dropping in October and November after a period of fast growth between May and September. Yet the industry is already recovering, with the exception of the textile sector, the report notes.
In manufacturing, the electronics, chemical, automotive, machinery, paper and rubber sectors saw rapid growth in the first 11 months of 2004.
Outside industry, transport grew fastest, with air transport recovering after a long period of stagnation.
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