Annual GDP
Both real and nominal GDP (RGDP and NGDP) have grown consistently since 2006. The increase in RGDP is relatively modest, compared to the increase in NGDP.
Growth picked up sharply in 2010, reflecting the impact of crude oil production.
NGDP appears to be maintaining its post-2010 growth rate trend, while the RGDP growth trend may have moderated.
Most of the growth in NGDP is due to implicit GDP deflator (GDP deflator) inflation and not RGDP growth.
The GDP deflator index is calculated as NGDP/RGDP x 100. It is a measure of the prices of all goods and services produced in the economy; it includes the prices of exports, but not import prices. The change in/growth rate of the deflator provides a measure of inflation which is different from CPI inflation. An increase in the deflator may be a positive for an economy -- for instance, when the increase is mainly due to a rise in export prices.
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Growth has been declining since peaking in 2011. RGDP growth has declined more rapidly than NGDP growth. NGDP growth has been buoyed by GDP deflator inflation.
Supply Side
It's a services economy. Services is the biggest contributor to GDP. After 2010, industry became the second biggest contributor to GDP, as a result of crude oil production.
Services has consistently been about 50% of the economy since 2006. Agriculture's share declined slowly between 2006 and 2010; it dropped markedly after 2010 as industry grabbed share with help from crude oil production.
Along with RGDP, growth in services and industry appears to have slowed in 2013. Growth in agriculture increased in 2012 and 2013.
Services has the least volatile growth rate.
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Quarterly GDP
GDP has trended upward along a somewhat bumpy path.
NGDP has increased significantly since 2006.
Quarter-over-quarter growth is quite volatile. Shocks to the economy occur frequently.
The growth rate of NGDP has been declining since the end of 2012.
The growth rate of services declined throughout most of 2013.
Growth in services NGDP declined sharply in the last quarter of 2013.
Agriculture NGDP picked up in the first three quarters of 2013 and declined a bit in the fourth quarter.
In the industry sector, the growth rate turned negative at the end of 2013.
The industry nominal-income growth rate is on a downward trend.
Demand Side
There were slight declines in government consumption and investment (gross capital formation) in 2013, offset by increases in exports and private consumption. The trade deficit declined narrowly.
Consumption expenditure is the biggest slice of the economy.
Private consumption grew in 2013 after falling in 2012.
The growth rate of government consumption has been declining since 2011 and turned negative in 2013.
Growth in investment slowed in 2012 and was negative in 2013.
Exports grew in 2013, but at a lower rate
Imports also grew at a lower rate.
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