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GDP increased by 0.4 per cent in the first quarter of 2008, compared with 0.6 per cent in the previous quarter. There was a deceleration in both production and service industries compared with the fourth quarter of 2007.
Total production output decreased by 0.1 per cent in the first quarter of 2008, compared with 0.2 per cent growth in the fourth quarter. Mining and quarrying was the main driver to the slow down in production output growth. Manufacturing growth strengthened, largely offsetting the slow down in mining and quarrying. Electricity, gas and water fell by 1.2 per cent compared with growth of 2.8 per cent in the previous quarter.
Total services output increased by 0.6 per cent, compared with a rise of 0.7 per cent in the fourth quarter. The largest contribution to the slow down was from business services and finance, but there was decreased growth in all the other service industry categories except for distribution and hotels and restaurants.
Distribution, hotels and restaurants rose by 0.9 per cent, compared with a rise of 0.2 per cent in the fourth quarter. Retail made the largest contribution to growth. There was a deceleration in wholesaling growth.
Transport, storage and communication rose by 1.0 per cent, compared with a rise of 1.7 per cent in the previous quarter. Post and telecommunications made the largest contribution to the deceleration in growth.
Business services and finance rose by 0.4 per cent, compared with growth of 0.6 per cent in the fourth quarter. The slow down was due mainly to weaker growth in other business services. Activities auxiliary to financial services (which includes stock exchange activity) made the largest contribution to growth.
Government and other services rose by 0.4 per cent, compared with an increase of 0.7 per cent in the fourth quarter. A significant proportion of this service industry is forecast in the preliminary estimate.
Construction rose by 0.5 per cent, compared with a rise of 1.1 per cent in the previous quarter. Agriculture rose by 0.6 per cent, compared with a rise of 2.1 per cent in the fourth quarter.
Notes: Unless otherwise specified:
Growth refers to a comparison of output in the latest quarter compared with the previous quarter. This is referred to as quarterly growth.
Annual growth refers to a comparison of output in the latest calendar year in comparison with the previous year.
Figures are in chained volume or real terms i.e. they have been adjusted to remove the effects of price change.
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