IMPROVING LIVES THROUGH DATA ECOSYSTEMS

Real gross domestic product (GDP) at market prices contracted by 6,4 percent during the first quarter of 2009.

The seasonally adjusted real GDP at market prices for the first quarter of 2009 decreased by an annualised rate of 6,4 percent compared with the fourth quarter of 2008. The corresponding real annualised economic growth rates for the four quarters of 2008 were increases of 1,7 percent, 5,0 percent, 0,2 percent and a decrease of 1,8 percent respectively. This is the first instance of two consecutive quarters of negative growth since the fourth quarter of 1992. 

The main contributors to the decrease in economic activity for the first quarter of 2009 were the manufacturing industry (-3,3 percentage points); the mining and quarrying industry (-1,7 percentage points) and the finance, real estate and business services industry (-0,5 of a percentage point).Positive contributions by other industries included the general government services (0,5 of a percentage point), the construction industry (0,4 of a percentage point) and the personal services (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) for the first quarter of 2009 decreased by 6,3 percent compared with the fourth quarter of 2008.

The unadjusted real GDP at market prices for the first quarter of 2009 decreased by 1,3 percent compared with the first quarter of 2008. The corresponding increases for the respective four quarters of 2008 were 3,9 percent, 4,5 percent, 3,0 percent and 1,0 percent yielding an annual growth rate of 3,1 percent in real GDP at market prices.

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 quarters estimates are released.