| Economy grows by 0.8% in third quarter |
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| Friday, 19 October 2007 | |
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GDP rose by 0.8 per cent in the third quarter of 2007, the same rate of growth as in the previous quarter. A slight acceleration in total services was offset by slower growth in production. Total production rose by 0.2 per cent in the third quarter of 2007, compared with an increase of 0.7 per cent in the previous quarter. The deceleration in growth comes mainly from manufacturing, which rose by 0.2 per cent in the third quarter, compared with a rise of 0.8 per cent in the second quarter. Mining and quarrying also contributed to the slower growth, falling by 0.3 per cent compared with a 1.3 per cent rise in the previous quarter. Electricity, gas and water showed growth of 1.0 per cent, compared with a 0.4 per cent fall in the second quarter. Total services rose by 1.0 per cent in the third quarter of 2007, compared with a rise of 0.9 per cent in the previous quarter. There was stronger growth in distribution hotels and restaurants, and transport storage and communication, partly offset by weaker growth in government and other services. Distribution, hotels and restaurants rose by 1.1 per cent, compared with a rise of 0.6 per cent in the second quarter. The acceleration in growth is mainly due to retail and wholesale. Hotels and restaurants grew less strongly than in the previous quarter. Transport, storage and communication rose by 1.1 per cent, compared with a rise of 0.8 per cent in the previous quarter. The acceleration in growth is mainly due to land transport. Business services and finance rose by 1.7 per cent, the same rate of growth as the second quarter. The largest contribution to growth comes from other business services, which includes architects, engineers and management consultants. Growth in government and other services slowed, with zero growth, compared with a rise of 0.1 per cent in the second quarter. Health, and sewage and refuse contributed most growth with a number of other industries recording offsetting declines. Construction rose by 0.8 per cent, the same rate of growth as in the previous quarter. Agriculture fell by 0.7 per cent compared with a rise of 0.2 per cent in the second quarter. Related links |
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