The main contributors to the growth were private and government spending and exports. Indeed, in the fourth quarter of 2012, investment has surged supported by large spending in machinery and equipment and the growth in public construction projects. In addition, exports recovered in March, and grew by 11.2 percent year-on-year, after dropping 16.9 percent in February, mainly boosted by shipments to Asia.
More importantly, after a 25 percent increase in the property prices in 2012, the government announced several measures (new sites for sale, lower stamp duties and home loans) aiming at cooling down the inflation. Also, in order to boost the economy in 2013, this years budget includes a decrease in corporate and salary taxes to support the financial sector and private equity industry and few welfare measures for the poor and elderly.