Lacklustre third-quarter exports are likely to pick up again in the fourth quarter. New orders from abroad picked up appreciably during the summer and export expectations remain upbeat despite the stronger euro. In addition, the marked drop in inflation is boosting purchasing power. In conjunction with the robust picture on the labor market, consumer demand looks set to be brisk at the end of 2013. The other domestic demand components, construction and machinery investment, are also likely to continue to head upwards. We are still penciling in fourth-quarter sequential growth of 0.6%, giving annual average growth of 0.5% in 2013. With overall output at the end of 2013 thus already well up on the annual average (by an estimated 0.8%), unlike end-2012, the prospects for substantially higher growth in in 2014 are good. We expect GDP to rise by 2.0%.