10  BIS Review 143/2009  Figure 24: Contribution to GDP Growth Figure 25: Contribution to GDP Growth from Production from Spending (Percentage Point) 1  (Percentage Point)  0,5  6  0  3,6  4  -1  2  -0,5 -1,3  -2 -3  -2  -2,5 -3,1  -4  0,1  0,2  0 -0,8  -4  -5  -6  -6  -8 -7,0 Agricul. Indust ry Cons tr. Serv ices Net Tax  -6,4 Priv ate Co ns. -7 -8  -3,6  P riv. Inv. -7.0 P ublic Public Sto ck Cons . Invest. Net Exp. GDP  GDP  Source: TURKSTAT. Source: TURKSTAT. Compared to the previous quarter, the primary determinant of growth in the second quarter was private consumption demand that displayed an upswing, mainly owing to the fiscal stimulus package (Figure 26). While assessing whether the pick-up in private consumption demand indicates a lasting recovery trend or not, it would be wise to evaluate trend discrepancies in different sub-components and interpret data pertaining to the third quarter accordingly. Second quarter national accounts data confirm that the pick-up in private consumption demand stemmed mainly from fiscal stimulus-driven advanced demand for certain goods categories. Meanwhile, the demand for goods that were not subject to tax reductions stayed almost constant (Figure 27).
Michael Gondwe: Supervision of non-banks and microfinance institutions Remarks by Dr Michael Gondwe, Governor of the Bank of Zambia, at the opening ceremony of the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) regional workshop on “Supervision of non-banks and microfinance institutions”, Lusaka, 8 April 2013. *  *  *  The MEFMI Programme Officer, Distinguished Resource Persons, MEFMI Staff, Participants, Ladies and gentlemen, It gives me great pleasure to officiate at this workshop on Supervision of Non-Bank Financial Institutions and Microfinance organised by the Financial Sector Management Programme of MEFMI. May I take this opportunity, on behalf of MEFMI and on my own behalf, to welcome you all to this important workshop and, in particular, to welcome you to Lusaka. I urge you to make some time to visit and sample some of the beautiful spots that our city and country has to offer. I also wish to welcome and thank our distinguished resource persons Mr. Japheth Katto from Capital Markets Authority of Uganda, Mr. Nkosilathi Moyo from World Vision here in Zambia, Mrs. Rachel Mushosho from the Reserve Bank of Zimbabwe and Mr. Kagisanyo Kelobang from the African Development Bank (AfDB) in Tunis for accepting invitations to present at this workshop and hope that their participation will enrich the deliberations of this workshop as well as increase the knowledge of the participants.