04 September 2012 18:08 [Source: ICIS news]
The Federal Department of Economic Affairs attributed the fall in GDP to a 0.7% decline in exports of chemicals, machinery, equipment and electronics.
The decline compares with downward-revised GDP growth of 0.5% in the first quarter of the year compared to Q4 2011. GDP for the second quarter was up 0.5% year on year compared with Q2 2011.
Private consumption grew by 0.3% in the second quarter from the first, but gross fixed investments stagnated.
On the production site there was a fall in value-added output, particularly in the industrial (-1.1%) and trade (-0.7%) sectors as well as those associated with the delivery of financial services (-0.8%), the department said.
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