Growth slowed in 2014 as a spike in imports weighed against robust domestic
demand (Figure 1). Real GDP growth slowed in the first three quarters, due to temporary net trade
factors, but is estimated at 1.8 percent for the full year (down from 3½ percent in 2013). Domestic
demand growth was supported by strong private consumption and investment, while the boom in
tourism propelled services exports and helped revive construction. Weighing against this was a
largely temporary spike in imports (airplanes and ships, and services), which subtracted
1.5 percentage points from headline growth. The unemployment rate has fallen to 4.1 percent and
real wages accelerated to 5.8 percent by the end of last year