Economic growth hits seven-year high

The volume of the gross domestic product (GDP) was 4.1 percent larger in the third quarter of 2007 than in the same quarter of 2006. The growth rate reached its highest level for more than seven years. The quarter-on-quarter growth was also fairly substantial. After correction for calendar and seasonal effects, GDP volume was up 1.8 percent on the second quarter of 2007.

The growth of exports accelerated to 7.5 percent. Exports of natural gas rose substantially. Imports grew by 6.5 percent. Investments were 4.2 percent up on the third quarter in 2006. Investments in computers, company cars and non-residential buildings rose in particular.

Households spent 2.4 percent more than twelve months previously. Consumption  growth thus equalled the 2006 average, after a drop in the first and second quarters of 2007. The growth of government consumption accelerated, with spending on health care showing the strongest increase.

In the third quarter, production of natural gas was clearly up on the same quarter one year previously. Conversely, in preceding quarters, production had been lower than twelve months previously. This development had a noticeable upward effect on economic growth. In all other sectors production growth more or less equalled the growth rate in preceding quarters.

Disposable for final expenditure and final expenditure (volume)