Economic growth: 0.3% in the third quarter

In the third quarter the gross domestic product (GDP) was up in volume by 0.3% on the same quarter last year. There were less investments and fewer exports in the third quarter of this year compared to the year before.

Fixed capital formation is falling rapidly, being 3.7% lower in the third quarter of 2002 that the year before. The volume of the exports of goods and services fell for the fourth quarter in a row, with no sign of tapering off yet. There is a similar picture in the imports of goods and services.

Household and government consumption contribute positively to growth. The production side of the economy shows various developments. The production volume of goods producers stayed the same as a year ago, following a drop in the first half of the year. Production is decreasing slightly in commercial services. Non-commercial services, such as care and government, showed a 2.1% production increase in the third quarter.

(source: CBS)

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