Economic Indicators, May 2012

The preliminary estimate of quarterly GDP showed that the economy had contracted for the second successive quarter: by 0.2% in Q1 2012 following a 0.3% decline in Q4 2011. While a sharp fall in output in the construction sector was the main factor behind the fall in GDP, the services sector – accounting for three-quarters of the economy – only grew by 0.1%. Meanwhile, unemployment fell in the three months to February for the first time since the three months to May 2011.