The GDP figure for the (4th quarter 2008 - 1,8% q/q )

Real gross domestic product (GDP) at market prices decreased by 1,8 percent during the fourth quarter of 2008.

The seasonally adjusted real GDP at market prices for the fourth quarter of 2008 decreased by an annualised rate of 1,8 percent compared with the third quarter of 2008. The corresponding real annualised economic growth rates for the first three quarters of 2008 were 1,7 percent (revised from an increase of 1,6), 5,0 percent (revised from an increase of 5,1 percent) and 0,2 percent respectively.

The main contributors to the decrease in economic activity for the fourth quarter of 2008 were the manufacturing industry (-3,5 percentage points); the electricity, gas and water industry (-0,1 of a percentage point). The wholesale and retail trade, hotels and restaurants industry and the mining and quarrying industry each contributing 0,0 of a percentage point to total economic growth. The contributions by other industries were positive i.e. the finance, real estate and business services industry and the general government services (each contributing 0,6 percentage point); the agriculture, forestry and fishing industry (0,5 of a percentage point), the construction industry (0,4 of a percentage point) and the transport, storage and communication industry and the personal services (each contributing 0,2 of a percentage point).

The seasonally adjusted and annualised real value added by non-agricultural industries (excluding the impact of the volatile agriculture industry) increased by 1,1 percent and 5,0 percent during first and second quarters of 2008 followed by decreases of 0,5 percent (revised from a decrease of 0,1 percent), and 2,2 percent during the third and fourth quarters of 2008 compared with the fourth quarter of 2007 and the first, second and third quarters of 2008 respectively.

The unadjusted GDP at market prices increased by 3,9 percent (revised from an increase of 3,8 percent),
4,5 percent (revised from an increase of 4,4 percent), 3,0 percent (revised from an increase of 2,9 percent) and
1,0 percent during the first, second, third and fourth quarters of 2008 compared with the first, second, third and fourth quarters of 2007 respectively.

Real annual GDP increases by 3,1 percent in 2008 following an increase of 5,1 percent in 2007

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 2008, increased by 3,1 percent compared with 2007 when the real annual economic growth rate was 5,1 percent.

The main contributors to the increase in economic activity in 2008 were the finance, real estate and business services industry (1,0 percentage point), the agriculture, forestry and fishing industry, the construction industry and the general government services (each contributing 0,5 of a percentage point) and the transport, storage and communication industry (0,4 of a percentage point). The contributions by all other industries were either lower or negative i.e. the manufacturing industry and the personal services (each contributing 0,2 of a percentage point ), the wholesale and retail trade, hotels and restaurants industry (0,1 of a percentage point), the electricity, gas and water industry (0,0 of a percentage point) and the mining and quarrying industry (-0,3 of a percentage point).

The GDP estimates are preliminary and may routinely be revised