On the output side, the distribution, transport, software and communications sector increased by 3.3 percent in Q4 compared to the previous quarter while public administration and defence showed a 0.9 percent growth in Q4 over Q3. Industry declined by 5.9 per cent while agriculture, forestry and fisheries decreased by 8.6 percent and other services were 0.4 percent lower in Q4 2012 compared with Q3 2012.
On the expenditure side there were small declines in government expenditure, in capital investment and in net exports compared with the third quarter while personal consumption expenditure increased by 1.0 percent in Q4 compared to Q3. Factor income outflows were 3.8 percent higher than in the previous quarter leading to an overall decline in GNP of 0.8 per cent in Q4 2012 compared with Q3 2012.
Preliminary estimates indicate that GDP in volume terms increased by 0.9 percent for the year 2012. This is the second year in succession in which GDP showed an increase over the previous year following three years of declines in GDP during 2008 to 2010.