Quarterly GDP growth in the fourth quarter of 2014 was 0.7%, bringing annual growth for 2014 to 2.1%

Quarterly growth in the 4Q14, at 0.7%, was a little below our forecast and that of the market (BBVAe: 0.8% QoQ; consensus: 0.9% QoQ, sa). Tertiary activities (services) performed best, with quarterly growth of 0.9%. Secondary activities (manufacturing) came next, with growth of 0.6%. Finally, primary activities (agriculture and livestock) showed a quarterly fall of 2.2%

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