Sunday, 30 November 2008

Economy grows by 6.1% y-o-y in Q3

The economy grew by 6.1% on a year-on-year basis in the third quarter of 2008, with 3.5% growth during the quarter with agriculture putting on the strongest growth at 6.7% during the quarter, according to figures released by the Central Bureau of Statistics (BPS). Without the contribution from the oil and gas sector, growth during the quarter was 3.7%. Trading, hotels and restaurants put on the second strongest level of growth per sector at 4.6%, transport and communications by 4.2%, while manufacturing grew by a surprising 3.2% to take fourth position. Services was the slowest sector with growth of 0.9%. The Business Tendency Index, based on a survey of 2,500 large and medium companies during the quarter, showed a continuing improvement in conditions over the second quarter of the year. All sectors showed improvement except mining, which experienced a slight fall.

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