Gross Domestic Product (GDP) contracted by 0.5 per cent in the third quarter of 2008, compared to flat growth of 0.0 per cent in the previous quarter. The level of GDP is now 0.3 per cent higher than the third quarter of 2007.
The output of the production industries fell 1.1 per cent, driven by a fall of 1.3 per cent in manufacturing.
Output of services fell by 0.4 per cent. The decline was most significant in distribution and business services.
Household expenditure fell 0.2 per cent. The biggest movement was in transport, where purchases of motor vehicles fell markedly.
Government final consumption rose by 1.0 per cent and is now 2.7 per cent higher than the third quarter of 2007.
Gross fixed capital formation fell 2.4 per cent and is now 5.4 per cent below the third quarter of 2007. Most notable, were falls in investment on new dwellings and spending related to house purchases.
The trade deficit in real terms increased over the quarter. Growth in exports of goods and services contracted 0.3 per cent whereas imports rose 0.1 per cent.
The GDP deflator rose by 2.7 per cent compared with the third quarter of 2007.
Compensation of employees, measured at current prices, rose 0.8 per cent and is now 3.3 per cent above the third quarter of 2007.
Gross operating surplus of corporations rose 0.4 per cent and is now 5.1 per cent above the third quarter of 2007.
Notes: Unless otherwise specified: Growth refers to a comparison of output in the latest quarter compared with the previous quarter. This is referred to as quarterly growth.
Annual growth refers to a comparison of output in the latest calendar year in comparison with the previous year.
Figures are in chained volume or real terms i.e. they have been adjusted to remove the effects of price change.
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