"Domestic production suffered from widespread industrial action, thereby contributing to the country's lacklustre export performance," the bank said in its December Quarterly Bulletin that reports on third quarter economic activity.

However, lower dividend payments to offshore investors resulted in a smaller deficit on the services, income and transfer account, countering the trade shortfall and resulting in a current account gap unchanged from the second quarter in GDP percentage terms.

The bank said the current account deficit was "more than fully covered" by financial inflows.