Article Name: Economic Growth in Second Quarter 2008 Eased to 1.9 Per Cent
Published Date: 10/07/2008

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 annualised basis, real GDP declined by 6.6 per cent following an increase of 15.6 per cent in the previous quarter.