In the first semester of 2014 economic activity has slowed reflecting both the negative contribution of investment and low level of export. The fall in employment is however lower than in the previous period.
The recent picture from household and business surveys confirms the difficulties of the recovery. Economic forecasts for the third quarter of 2014 point to a stagnation due to the delay in the acceleration of private investment, while private consumption is expected to evolve positively.
Geopolitical risks could influence external demand putting a drag on the exports.