"Available monthly indicators show that real economic activity in the first quarter of 2015 stagnated at the level reached at the end of last year," the bank says in its latest bulletin.
Positive trends were registered in retail trade and construction, while industrial production dropped by 0.4%, due to a sharp decline in January, which was partly offset by increases in February and March. Real exports are expected to have increased.
"Real retail sales increased slightly on the back of an increase in real net wages following changes to the income tax system and a decrease in consumer prices," the bulletin says.
Business and consumer optimism indicators point to the possibility of a slight increase in economic activity in the second quarter of 2015. All business optimism indicators recorded increases in April except in construction where unfavourable expectations continued to prevail.
In the first two months of the year, exports and imports went up by 3.4% and 6.1% respectively in relation to the average of last year's final quarter.
Following stagnation in 2014, the number of the employed increased modestly, while the number of the unemployed continued to decrease, partly due to increased hiring of people registered with the National Employment Office.
The number of people employed in industry continued to stagnate, and the number of people employed in the retail sector and public services also remained at end-2014 levels. On the other hand, the number of people employed in financial and insurance activities recorded a considerable drop.
Nominal gross and net wages increased in the first quarter, and net wages growth was more prominent because of amendments to the Income Tax Act. Real wage growth was even more intense on account of a fall in consumer prices in relation to the final quarter of 2014.
Consumer prices in March rose by 1% from February, mostly driven by a rise in retail prices of 0.6 percentage points as a result of an increase in global crude oil prices in February.