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Real GDP growth decelerated from +2.8% in 2014 to +1.4% in 2015 and edged up slightly to a still modest +1.6% in 2016. The latter was mainly driven by domestic consumption and inventories. Private consumption increased by +4% and government consumption by +1% in 2016. However, fixed investment decreased again, by -2.8% y/y, though this marked an improvement from -3.4% in 2015 and -8.1% in 2014. Meanwhile, inventories added +0.8pp to 2016 growth, a marked rebound from the drop in 2015 (-1.5pp). External trade activity recovered in 2016 as the adverse effects of the Russia crisis in 2015 faded. Exports grew by +3.6% but were outpaced by imports (+4.9%) so that net exports subtracted -0.8pp from growth in 2016.

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