Economic growth 2.4 percent in second quarter

The volume of the gross domestic product (GDP) was 2.4 percent larger in the second quarter of 2007 than in the same quarter of 2006. This is similar to the growth in the first quarter of this year. Compared to 2006, economic growth was severely curbed by the lower production of natural gas. After correction for calendar and seasonal effects, GDP volume was up 0.2 percent on the first quarter of 2007.This quarter-on-quarter growth is the lowest in two years. 

Investments were 4.8 percent higher in the second quarter of this year. The increase is more modest than in the preceding two quarters. The volume of exports of goods and services was up by 6.4 percent. Imports grew by slightly more than exports. The volume of imports was 6.6 percent up on the same period a year before.

Households spent 1.6 percent more than twelve months previously. The relatively modest growth was accounted for by a drop in gas consumption. The increase in spending on durable consumer goods remained robust. The volume of government consumption was 1.6 percent up on the second quarter in 2006.

With over 4 percent, the sectors construction and commercial services showed the highest production growth. After two bumper quarters, the growth pace in manufacturing industry dropped considerably to 2.0 percent. Due to the mild temperatures, the production of natural gas was again much lower than last year, which had a noticeable downward effect on economic growth.

Disposable for final expenditure and final expenditure (volume)