Focusing more closely on the second half of the year, the seasonally adjusted and annualised growth rate in real gross domestic product accelerated from 1 per cent in the third quarter of 2001 to 2½ per cent in the fourth quarter. This can be attributed to robust growth registered in the real value added by the non-primary sectors of the economy.
While agricultural and mining output volumes contracted in the final quarter of last year, the other sectors expanded. Manufacturing in particular did well towards the end of last year, led by production of motor vehicles and parts, chemicals and basic metals. Manufacturing production rose at a strong annualised rate of 5½ per cent in the final quarter of 2001.