Gross Domestic Product (GDP) estimates for the third quarter of 2024 show that the economy grew by 2.5 percent from 5.7 percent in the third quarter of 2023. This represents a slowdown in growth of 3.2  percent compared to the same quarter in 2023. These estimates are based on the year- on-year comparison of GDP at constant 2010 prices (see Figure 1).

Figure 1: Quarterly GDP Growth Rates at Constant 2010 Prices, Q1 2021 – Q3**

Industry Contribution to the 2.5 % growth in Q3 2024t

The growth was mainly attributed to the performance of the following industries: Information and communication (1.3%), Construction (1.2%), Public administration and defense (0.4%), Mining and quarrying (0.3%), Education (0.3%), Manufacturing (0.1%) Real estate activities (0.1%) and Human health and social work activities (0.1%).

On the other hand, Electricity supply (-0.8%), Financial and insurance activities (-0.3%), Wholesale and retail trade (-0.2%), Administrative and support service activities (-0.2%) and water supply (-0.1%) had negative impacts on GDP growth. Industry Contributions to Growth provide a relative measure of the importance of each sector in contributing to economic growth.

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