We continue our post leave catch with this interesting projection from the Central Statistics Office (CSO) that the economy probably grew by 7.1 percent in 2010, higher than the earlier forecast of 6.4 per cent. The growth is attributed to rise in copper production as demand for the metal surged.
Economy expected to grow by 7.1 Percent in 2010, Central Statistics Office Bulletin, December 2010, Report:
The preliminary estimates of Gross Domestic Product (GDP), i.e., the total value of goods and services produced in the country, show that the economy is likely to grow by 7.1 percent in 2010 compared to the 6.4 percent recorded in 2009. The preliminary estimates of Gross Domestic Product are based mostly on data up to the second quarter of 2010.
This is 0.5 percentage points higher than the 6.6 percent projected by the Ministry of Finance and National Planning at the beginning of the year. This growth is largely driven by increased output in Mining and Quarrying, Transport and Communications, Construction, Agriculture, forestry and fishing as well as Wholesale and Retail Trade.The Primary Sector, which consists of Agriculture, Forestry and Fishing as well as Mining and Quarrying, is expected to grow by 10.9 percent in 2010 compared to 12.4 percent in 2009. This is due to anticipated strong growth in agriculture and metal mining. Agriculture, forestry and fishing is expected to grow by 6.6 percent while Mining and Quarrying is expected to grow by 16.8 percent.The Secondary Sector, comprising Manufacturing, Electricity and Water Supply as well as Construction, is also expected to register positive growth, although not as large as the primary sector. The sector is expected to grow by 5.8 percent in 2010 compared to a growth of 6.2 percent in 2009. Manufacturing is expected to record a growth of 4.4 percent in 2010 compared to a growth of 2.2 percent in 2009. This is spurred by the expected strong growth in Food, beverages and tobacco. Textile and Leather industry is expected to record a decline in growth for the seventh consecutive year. The Electricity and Water industry is expected to grow by 4.7 percent in 2010 from 6.8 percent in 2009. The Construction industry is also expected to record a growth of 7.2 percent, from 9.5 percent in 2009.
The Tertiary industries are expected to grow by 5.7 percent in 2010 compared to a growth of 3.9 percent in 2009. The relatively higher growth is due to the expected increased output in the Transport and Communications industry.