Remote gaming and financial services were the prime movers of economic recovery in the first half of this year, according to the Central Bank.

In its review for the April to June quarter published yesterday, the bank said the economy grew by 3.9 per cent when compared to the same quarter last year. It was the third successive positive quarter as services remained the main engine of growth.

“From a value added perspective, the recovery was largely determined by services, particularly financial intermediation and other services sector, which includes remote gaming,” the bank said.

The two sectors contributed 4.6 percentage points to nominal GDP.

After experiencing a downturn in the previous quarters, manufacturing picked up, contributing a full percentage point to nominal growth.

Manufacturing was particularly bolstered by double-digit production growth in semi-conductors, rubber and plastic products and pharmaceuticals.

The upturn in growth was not reflected in industry’s confidence levels for the period June to September with the index declining by three percentage points to end at zero.

Manufacturers’ sentiment deteriorated slightly after having risen since 2009 and turning positive in the second quarter of 2010.

The sharpest drop in business confidence was registered among construction companies with the September index standing 12 percentage points below the June levels.

According to the Central Bank, the dip reflected the companies’ intentions to shed workers in the following three months.

Consumer confidence, on the other hand, remained in negative territory although it stabilised after improving slightly in the second quarter of 2010.