Down from the earlier estimate made in the month of June, which was 2.1%, the economy is now expected to grow at 0.6% this year.
Statistical projections also show the economy will most likely grow in between 0.5 per cent and 0.9 per cent this year – lower than the findings from the previous survey of between 2.0 per cent and 2.4 per cent as reported by CNA.
The industries impacted due to the slowdown –
- Manufacturing sector: Decline rate of 2.4%, previously estimated at 0.2%
- Wholesale & retail trade: Decline rate of 2.8%, previously estimated at 0.3%
- Construction industry: Decline rate of 2.7%, previously estimated at 3.5%
- Accommodation & food services: Growth rate of 0.8%, previously estimated at 1.4%
- Non- oil domestic exports: Decline by 9.2%, previous fall estimate of 2.1%
The industry that bucked the odds and gained from the situation –
- Finance & Insurance industry: Growth rate of 4.3%, previously estimated at 3.8%