The economy will grow by 5% in 2014, the Economic Commission for Latin America and the Caribbean (ECLAC) forecast at the end of 2013, having grown by around 3% in 2013. Agriculture, mining and quarries, construction, and financial services drove the economy in 2013, though a decline in government consumption during the first half of the year weighed on growth. ECLAC expected inflation to run at 5% in 2013—up from 3.9% in 2012 but still within the target range set by the monetary authorities. It also expected the consolidated public sector deficit to fall to around 4.3% at end 2013, down from 7.8% in 2012. The tighter fiscal policy influenced the central bank’s decision to ease monetary policy, with interest rates falling by 75 basis points (0.75%) in May 2013 to 4.25%. The bank also relaxed reserve requirements by the equivalent of US$500 million in a bid to incentivize production and housing credit. However, in August the central bank reversed its policy stance, raising the interest rate from 4.25% to 6.25% to prevent exchange rate volatility from driving up inflation.