IMPROVING LIVES THROUGH DATA ECOSYSTEMS

Real gross domestic product (GDP) at market prices contracted by 3,0 percent during the second quarter of 2009.
The seasonally adjusted real GDP at market prices for the second quarter of 2009 decreased by an annualised rate of 3,0 percent compared with the first quarter of 2009. 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 three consecutive quarters of negative growth since the fourth quarter of 1992.

The main contributors to the decrease in economic activity for the second quarter of 2009 were the manufacturing industry (-1,6 percentage points); the wholesales and retail trade, hotels and restaurants industry (-0,6 of a percentage point ), the finance, real estate and business services and the agriculture, forestry and fishing industries (each contributing -0,5 of a percentage point). Positive contributions by other industries included the construction industry (0,5 of a percentage point), the general government services and the mining and quarrying industry (each contributing 0,3 of a percentage point) and the personal services (0,1 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 second quarter of 2009 decreased by 1,9 percent compared with the first quarter of 2009.The seasonally adjusted real annualised value added by primary, secondary and tertiary industries recorded decreases of 3,6 percent; 5,7 percent and 1,2 percent, respectively.

The unadjusted real GDP at market prices for the second quarter of 2009 decreased by 2,8 percent compared with the second 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 estimate of GDP for the first six months of 2009 compared with the corresponding period in 2008 decreased by 2,0 percent.