GDP slows in third quarter
Gross Domestic Product (GDP) increased 0.8 per cent in the third quarter of 2010, compared with an increase of 1.2 per cent in the previous quarter.
Allowing for the recovery in Q2 following the bad weather at the start of the year, the underlying growth in Q3 is broadly similar to that in Q2. The growth in the third quarter is due to growth in each of the component aggregate series, namely services, construction and production.
Total services output rose 0.6 per cent in the third quarter, compared with a rise of 0.6 per cent in the previous quarter. The largest contribution to the growth in this quarter was from business services and finance and government and other services:
• Distribution, hotels and restaurants rose 0.6 per cent, compared with an increase of 0.5 per cent in the previous quarter. Retail contributed most to growth in this quarter
• Transport, storage and communication increased by 0.7 per cent, compared with a decrease of 1.5 per cent in the previous quarter. Post and telecommunications and land transport contributed most to the growth in this quarter
• Business services and finance rose 0.5 per cent, compared with an increase of 1.0 per cent in the previous quarter. Computer services contributed most to the growth in this quarter
• Government and other services rose 0.6 per cent, compared with 0.7 per cent growth in the previous quarter. Recreation and health contributed most to the growth this quarter
Total production output rose 0.6 per cent in the third quarter of 2010, compared with an increase of 1.0 per cent in the second quarter. Manufacturing made the largest contribution to the growth, where output rose 1.0 per cent compared with an increase of 1.6 per cent in the previous quarter.
Electricity, gas and water supply output decreased by 0.2 per cent, compared with a decrease of 1.3 per cent in the previous quarter. Mining and quarrying fell 0.7 per cent, compared with zero growth in the previous quarter.
Construction output rose 4.0 per cent in the third quarter of 2010, compared with an increase of 9.5 per cent in the previous quarter.
Agriculture, forestry and fishing output decreased 0.3 per cent, compared with an increase of 2.7 per cent in the previous quarter.
