Economic Growth in Second Quarter 2008 Eased to 1.9 Per Cent

10 July 2008. The Ministry of Trade and Industry (MTI) announced today that real gross domestic product (GDP) rose by an estimated1 1.9 per cent on a year-on-year basis in the second quarter of 2008, down from 6.9 per cent in the first quarter of 2008. The slowdown chiefly reflected a sharp contraction in biomedical manufacturing output. Excluding the biomedical sciences (BMS) cluster, industrial production grew moderately.

On a quarter-on-quarter seasonally-adjusted annualized basis, real GDP declined by 6.6 per cent following an increase of 15.6 per cent in the previous quarter.

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MINISTRY OF TRADE AND INDUSTRY
10 July 2008