Gross domestic product decreased in the 3rd quarter

In the 1st quarter of 2008 the economic growth was 0.2% and in the 2nd quarter -1,1%.

According to preliminary estimations, value added decreased in the majority of economic activities of the non-financial corporations sector. Value added grew fast only in forestry, but the share of this economic activity in the GDP is small. According to preliminary estimations, the decrease in the value added of manufacturing, as the economic activity having the biggest influence on the GDP, did not deepen. The decrease in the value added of manufacturing was caused by a small domestic demand and by virtue of that, the decrease in orders. Production increased primarily in the export-oriented branches of industry, including in the manufacture of metal products, chemical products, and electrical machinery. The decrease in the value added in financial sector which had started in the 2nd quarter continued in the 3rd quarter. In connection with the impeded production as well as consumption activity receipts of value added tax and excise taxes decreased.

Compared to the 2nd quarter, the seasonally and working-day adjusted GDP decreased by 1.0%.

Real growth rate of the GDP compared to the same quarter of the previous year, 1st quarter 2004 – 3rd quarter 2008

The first estimate of GDP calculated in accordance with the internationally recognized methodology for the 3rd quarter of 2008 will be published on the 9th of December as a news release and in the statistical database.