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As a whole, the performance of the economy comprises slumps and recoveries.
For half of the years comprised in the observations, the growth was above 3.2% on
a yearly basis. However, the negative growth registered during the period, was
responsible for an average below this figure. For approximately half of the years
the growth was above 3.2%. Both the recovery of an 8.5% GDP growth compared
to the previous year, took place in the first quarter of 1998, in relation with the
previous year. The lowest annual growth took place in the second quarter of 1995,
in comparison to the expansion registered in the previous year.
According to Table 1, the nominal GDP growth, on a yearly basis
was well under
the monthly expansion of the money supply for the 1993-2014 period. It would
appear that there has been an expansion of the money supply ahead of the
19
(GDPn-GDPn
-4
)/GDPn
-4
.