In August 2012, the year-on-year contraction was 0.8%; however, 0.2% growth was recorded in the first quarter (in relation to the quarter before, after data was adjusted according to season and working days). Year-on-year contraction has been attributed to the fall in domestic consumption and the slowdown in export growth. The decrease in domestic consumption has been attributed to the fiscal austerity, to the freeze on budget expenditure in the final months of 2011, to the failure of the efforts to implement economic reforms, to inappropriate financing, and to the decrease in exports.