GDP increases by 2.1% in Q1of 2008

30 May '08

2 min read

Real quarterly gross domestic product (GDP) for the first quarter of 2008 increased by +2,1%, q/q

The seasonally adjusted real GDP at market prices for the first quarter of 2008 increased by an annualised rate of 2.1 percent compared with the fourth quarter of 2007. The corresponding real annualised economic growth rates for the four quarters of 2007 were 5.1 percent, 4.4 percent, 4.8 percent and 5.3 percent respectively.

The main contributors to the increase in economic activity for the first quarter of 2008 were the finance, real estate and business services industry (1.0 of a percentage point); general government sector (0.6 of a percentage point); the wholesale and retail trade, agriculture industry (each industry contributing 0.3 of a percentage point).

The seasonally adjusted real value added by non-agricultural industries (excluding the impact of the volatile agriculture industry) for the first quarter of 2008 increased by 1.7 percent compared with the fourth quarter of 2007.

The unadjusted real GDP at market prices for the first quarter of 2008 increased by 4.0 percent compared with the first quarter of 2007. The corresponding increase for the respective quarters of 2007 were 5.8 percent, 5.1 percent, 5.2 and 4.6 percent yielding an annual growth rate of 5.1 percent in real GDP at market prices.

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