Annual GDP in 2002 grew by 1.8 per cent as compared to a trend growth rate of about 2½ per cent. The weakness of the economy was due to falling private investment and exports. A reasonable rate of growth was sustained due to the strength of household consumption expenditure, which grew by 3.8 per cent. Our estimate of growth in the first quarter of this year of 0.3 per cent does not suggest that the economy has recovered to trend rates of growth.