GDP growth slows in Q3

The services sector sees mixed results.

Preliminary figures for the third quarter of 2024 show a 1.8% increase in Gross Domestic Product (GDP) in real terms compared to the same period last year, marking a slowdown from the 3.2% growth recorded in the second quarter of 2024, according to the latest government data.

The slowdown in overall economic growth can be attributed to a mixed performance across key sectors. The services sector, which constitutes the largest portion of the economy, saw a year-on-year increase of 1.9% in value added, similar to the 2% growth observed in the second quarter.

Within the services sector, the import and export, wholesale and retail trades experienced a modest improvement, with value added rising by 0.5% in real terms, a recovery from the slight 0.1% decline in the second quarter.

However, the accommodation and food services sector continued to face challenges, with a significant 4.6% drop in value added compared to the third quarter of 2023, although this was a slight improvement from the 6.4% decline in the previous quarter.

The transportation, storage, postal, and courier services sector recorded robust growth, expanding by 7.0% in real terms, albeit slower than the 10.6% increase seen in the second quarter.

The information and communications sector, on the other hand, showed solid growth, with value added increasing by 3.2%, up from 2.1% in the second quarter. Likewise, the financing and insurance sector experienced a notable uptick of 1.5%, a significant improvement from the 0.2% rise in the previous quarter.

Meanwhile, the real estate, professional, and business services sector saw a contraction of 0.5% in real terms, a stark contrast to the 2.7% growth in the second quarter.

In non-services sectors, local manufacturing saw a slight decline of 0.1%, reversing the 0.7% growth in the second quarter. The electricity, gas, and water supply, and waste management sector performed positively, with a 2.7% increase in value added, following a 1.6% rise in the prior quarter.

The construction sector, however, faced a downturn, contracting by 0.8%, a sharp contrast to the robust 13.2% growth seen in the second quarter.

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