Economic situation even slightly better

The picture of the economic situation at the end of November was even slightly better than that at the end of October. The heart of the indicators in the Business Cycle Tracer is still located in the high economic growth stage. All indicators in the Tracer are performing better than their long-term average.

At 4.1 percent, economic growth in the third quarter was the highest in more than seven years. Growth was spurred on by gas production. After adjustment for seasonal effects, GDP volume grew by 1.8 percent compared with the second quarter of 2007.The quarter-on-quarter growth has not been this high for over ten years.

Consumer confidence slightly decreased in November. Manufacturers remained optimistic. The number of the business service providers expecting to receive more orders and to generate a higher turnover in the fourth quarter of this year exceeds those anticipating a decrease.

The capital market interest rate stood at 4.4 percent in October, 0.1 of a percentage point up on September. Inflation increased to 1.6 percent in October. Selling prices in manufacturing industry rose by 6.9 percent, the most substantial increase in eighteen months.

In the period August-October, seasonally adjusted unemployment decreased further. The number of job vacancies reached a record level in the third quarter. The number of hours worked in temp jobs also rose in the third quarter, but the growth rate somewhat decelerated. In the second quarter of 2007, job growth continued further.

Gross domestic product (GDP)