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Real Gross Domestic Product: The 1st Quarter of 2009 (ADVANCE)
Real gross domestic product (chained volume measure of GDP) increased by 0.1 percent in the first quarter of 2009 compared with the previous quarter.
On the production side, the manufacturing sector decreased 3.2 percent, which was mainly due to the declines in transport equipment and general machinery that offset the growth in IT manufacturing such as semiconductors, video & audio &
communication equipment.
The construction sector recorded a growth rate of 6.1 percent, which was attributable to an increase in civil engineering.
Services rose by 0.3 percent. The wholesale & retail trade, restaurant & hotels and financial intermediation showed the steady growth, while transport, storage &
communications shrank.
Growth Rates by Kind of Economic Activity (At chained 2005 year prices, S.A. series)
(Percent change from previous quarter)
2007 2008p 2009p
1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4
Gross Domestic Product
1.5 1.5 1.3 1.3 1.1 0.4 0.2 -5.1 0.1
Agriculture, forestry & fishing -0.2 3.0 0.8 -2.9 5.8 0.8 0.6 -0.1 -0.4
Manufacturing 2.0 2.7 2.5 2.4 1.2 1.7 0.1 -11.9 -3.2
Electricity, gas & water 0.4 0.7 2.5 3.4 1.4 -2.8 4.5 -1.6 8.0
Construction -0.1 -0.1 0.5 1.3 -1.4 -2.2 1.1 -4.2 6.1
Services1 2.0 1.2 1.1 1.2 0.8 0.1 0.5 -1.4 0.3
Note : 1) Includes wholesale & retail trade, restaurants & hotels; transport & storage; financial intermediation;
real estate and renting; information & communication; business activities; public administration, defence & compulsory social security; education; health and social work; recreational, cultural and sporting; and other service activities
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On the expenditure side, private consumption rose by 0.4 percent owing to an increase in expenditures on services, semi-durables and durables but not in non-durables.
Facilities investment decreased by 9.6 percent due to a contraction in machinery equipment and transport equipment. Construction investment rose by 5.3 percent due to an increase in civil engineering.
Exports of goods decreased by 3.4 percent, due to falling exports of transport equipment and general machinery. Imports of goods also shrank by 7.0 percent, led downward by those of machinery and electronic products.
Growth Rates by Component of Expenditure (At chained 2005 year prices, S.A. series)
(Percent change from previous quarter)
2007 2008p 2009 p
1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4
Gross Domestic Product 1.5 1.5 1.3 1.3 1.1 0.4 0.2 -5.1 0.1
Final consumption expenditure 1.8 1.5 0.8 0.5 1.1 0.2 0.2 -3.4 1.2
(Private) 1.7 1.5 0.9 0.4 1.1 -0.2 0.0 -4.6 0.4
(Government) 2.4 1.4 0.4 0.7 1.2 1.4 1.1 1.0 3.6
Gross fixed capital formation 1.9 -0.9 -1.1 3.1 -1.6 0.1 0.1 -6.5 0.2
(Construction) -0.1 -2.2 -0.4 2.9 -2.5 -0.3 0.1 -3.0 5.3
(Facilities) 6.0 1.2 -3.0 3.8 -0.4 0.4 0.2 -14.2 -9.6
Exports of goods & services 6.3 2.1 1.7 6.5 0.0 2.7 -0.4 -8.9 -4.2
(Goods) 5.4 2.6 1.5 7.1 -0.7 2.5 -0.9 -12.6 -3.4
Imports of goods & services 4.5 4.2 0.6 5.6 -0.8 2.9 1.1 -14.2 -8.7
(Goods) 3.8 5.0 0.3 5.9 0.1 3.0 1.2 -15.7 -7.0
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Real GDP (chained volume measure of GDP) decreased by 4.3 percent year-on-year in the first quarter of 2009.
On the production side, real GDP’s decline was mainly attributable to the falls in manufacturing and services, which offset the growth of construction.
On the expenditure side, construction investment showed robust growth while private consumption, facilities investment and exports all fell steeply.
Growth Rates by Kind of Economic Activity and Component of Expenditure ( At chained 2005 year prices, original series)
(Percent change over previous year)
2007 2008p 2009p
1/4 2/4 3/4 4/4 year 1/4 2/4 3/4 4/4 year 1/4
Gross Domestic Product 4.5 5.3 4.9 5.7 5.1 5.5 4.3 3.1 -3.4 2.2 -4.3
Agriculture, forestry & fishing 1.6 7.0 8.2 -0.7 4.0 7.4 4.4 4.2 6.4 5.5 1.2
Manufacturing 4.5 7.2 6.3 10.2 7.2 9.1 8.4 5.6 -9.1 3.1 -13.5
Electricity, gas & water 2.8 2.0 3.4 7.3 3.8 8.3 3.9 6.2 1.4 5.1 8.2
Construction 4.2 2.9 1.5 2.2 2.6 0.8 -1.5 -1.0 -6.3 -2.4 0.6
Services1) 4.7 4.9 5.1 5.6 5.1 4.4 3.3 2.6 -0.1 2.5 -0.5
Final consumption expenditure 5.1 5.4 5.3 4.7 5.1 3.9 2.6 2.0 -1.9 1.6 -2.0
(Private) 4.9 5.2 5.4 4.7 5.1 4.0 2.3 1.4 -3.7 0.9 -4.4
(Government) 5.9 6.3 4.8 4.7 5.4 3.6 4.0 4.5 4.7 4.2 7.2
Gross fixed capital formation 7.3 5.7 1.5 3.1 4.2 -0.5 0.6 1.8 -7.3 -1.7 -7.5
(Construction) 4.4 2.0 -0.2 0.4 1.4 -1.9 -0.3 0.2 -5.6 -2.1 1.7
(Facilities) 12.6 13.0 4.0 8.0 9.3 1.5 1.1 4.3 -14.0 -2.0 -22.1
Exports of goods & services 12.3 11.1 9.3 17.5 12.6 11.0 11.5 9.3 -6.9 5.7 -10.5
(Goods) 11.3 10.3 8.1 17.5 11.9 11.1 10.9 8.5 -11.6 4.1 -14.1
Imports of goods & services 10.6 12.1 7.8 15.9 11.7 9.7 8.9 9.0 -11.2 3.7 -18.4
(Goods) 9.2 11.3 6.4 16.2 10.9 11.8 10.0 10.6 -11.6 4.6 -18.1
Gross Domestic Income 4.2 5.4 5.9 3.7 4.8 2.4 2.0 -2.6 -6.2 -1.2 -4.6
Note : 1) Includes wholesale & retail trade, restaurants & hotels; transport & storage; financial intermediation;
real estate and renting; information & communication; business activities; public administration, defence & compulsory social security; education; health and social work; recreational, cultural and sporting; and other service activities
