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| 20.8.2008 |
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| The Composite State-of-the-Economy Index for July 2008 falls by 0.3 percent |
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| The composite state-of-the-economy index fell by 0.3 percent in July 20081,2. This decline in the index and the moderate rise in the index over May and June indicate a slowdown in the economy’s rate of growth compared with that in the first quarter. The decline in the index was the outcome of a rise in the indices of manufacturing production, trade and services revenue, and goods imports on the one hand, and falls in the indices of goods and services exports on the other. The indices for April and May have been amended upwards, partly due to an upward revision of the data on goods exports for those months. |
| With regard to the components of the index: the index of manufacturing production rose in June by 5.5 percent, after falling by 3.7 percent in May. The trade and services revenue index went up by 2.5 percent in June, following its 4.2 percent decline in April. The services exports index declined in July by 6.3 percent, further to its 1 percent drop in June. The goods exports index dropped by 2.2 percent in July, after rising by 9.7 percent in June. The imports index rose in July, by 5.9 percent, following its rise of 9.4 percent drop in June. |
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| Updated rates of change in composite index (in percent)
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Previous figure |
Revised figure |
| April |
0.4 |
0.5 |
| May |
-0.1 |
0.2 |
| June |
-0.3 |
0 |
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| [1] |
In calculating the composite index, changes in its components (seasonally adjusted)—in both the current month and previous months with a lag—are taken into consideration. |
| [2] |
This reflects a reduction of 0.5 percent relative to the long-term trend growth which expresses the development of the components of the index over three-and-a-half years. |
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