IMPROVING LIVES THROUGH DATA ECOSYSTEMS

Real quarterly gross domestic product (GDP) continues to increase

The seasonally adjusted real GDP at market prices for the fourth quarter of 2007 increased by an annualised rate of 5,3 percent compared with the third quarter of 2007. The corresponding real annualised economic growth rates for the first three quarters of 2007 were 5,1 percent (revised from an increase of 5,0), 4,4 percent and 4,8 percent (revised from 4,7 percent) respectively.

The main contributors to the increase in economic activity for the fourth quarter of 2007 were the finance, real estate and business services industry (1,8 of a percentage point); the manufacturing industry (1,3 of a percentage point);  the construction industry and general government services (0,5 of a percentage point each), the wholesale and retail trade, hotels and restaurants industry and the transport, storage and communication industry (0,3 of a percentage point each).

The seasonally adjusted real value added by non-agricultural industries (excluding the impact of the volatile agriculture industry) increased by 5,1 percent, 4,3 percent (revised from an increase of 4,4 percent), 5,1 percent and 5,4 percent during the first, second, third and fourth quarters of 2007 compared with the fourth quarter of 2006 and the first, second and third quarters of 2007 respectively.

The unadjusted GDP at market prices increased by 5,8 percent (revised from an increase of 5,7 percent),
5,1 percent (revised from an increase of 5,0 percent), 5,2 percent (revised from an increase of 5,1 percent) and
4,6 percent during the first, second, third and fourth quarters of 2007 compared with the first, second, third and fourth quarters of 2006 respectively.

Real annual GDP increases by 5,1 percent in 2007 following an increase of 5,4 percent in 2006

First preliminary annual estimates of gross domestic product (GDP) are derived as the sum of the GDP for the four quarters of the specific year. These estimates indicate that the real annual GDP at market prices for 2007, increased by 5,1 percent compared with 2006 when the real annual economic growth rate was 5,4 percent.

The main contributors to the increase in economic activity in 2007 were finance, real estate and business services (1,6 of a percentage point), wholesale trade, retail trade, hotels and restaurants (0,7 of a percentage point), manufacturing and construction (0,6 of a percentage point each) and transport, storage and communication (0,5 of a percentage point) industries.

The GDP estimates are preliminary, and may routinely be revised on the basis of additional evidence that has become available by the time the subsequent quarter`s estimates are released.