GDP growth under 1%

The slowdown of economic growth over the year continued in the last months of the year with the decrease of production and use.

 According to the common flash estimate of HCSO and Ecostat
the gross domestic product was down by 2.0% in Q4 compared to the same period
of the previous year, and a growth of 0.6% was recorded in 2008 as a whole. On
an annual basis, industrial production diminished by 1.1% due to the
accelerating fall in the second half of the year. Although the output of
construction was 5.1% lower in volume than in the previous year, a slight boom
was observed in the last months of the year. According to preliminary data on
production 75% more cereals were produced in 2008 than one year earlier when
production was low. Agricultural output increased significantly. In external
merchandise trade exports and imports in 2008 increased to a lower extent than
one year before, the balance of external trade was essentially in equilibrium.
The number of employed persons lessened by 1.2%, while that of unemployed
persons was up by 5.5%. The unemployment rate rose to 7.9%. The real value of
earnings was 0.7% higher than in the previous year. The rise of consumer prices
was equivalent with 6.1% in 2008. Based on the index for January (103.1%) the
slowdown registered since May of the previous year has continued.