GDP rises 3.2% in Q3
Gross domestic product in the third quarter increased 3.2 per cent, compared to 3.5 per cent growth in the second quarter.
As a result, growth for the first nine months of the year was 3.3 per cent.
On the production side in the third quarter, drought moderation helped the agricultural sector rebound to growth in crop production and livestock products while the fisheries sector maintained its expansion. Consequently, overall agriculture production grew 0.9 per cent after declining for seven consecutive quarters.
The non-agricultural sector expanded 3.2 per cent, mainly driven by the service sector, while the manufacturing sector increased 0.9 per cent compared a rise of 2.1 per cent in second quarter.
On the expenditure side, domestic demand grew at a slower rate mainly due to the effects of private consumption, with a rise of 3.5 per cent, government spending fell 5.8 per cent and gross fixed-capital formation rose 1.4 per cent.
For external factors, net exports increased after the volume of exported goods and services rose 3.4 per cent, while imports of goods and services shrank 1.3 per cent.
After the seasonal adjustment, the economy grew 0.6 per cent in the third quarter.
