At 4.45 year over year, GDP in the third quarter of 2013 came in stronger than estimations (market consensus was 4% year over year). 9-month basis growth was 4% setting light to year end forecast. Reviewing the composition of growth, final consumption expenditure contribution was 3.3%, while net exports was a 2.2% drag. Moreover, financial sector was standing with a contribution of 1.3%.

The most encouraging trend of growth showed is the net...