Provisional estimates indicate that the Gross Domestic Product (GDP) for the first quarter this year amounted to €1,416.9 million, an increase of 7.0 per cent compared to the corresponding period last year. In real terms, GDP increased by 3.4 per cent.

The Production Approach

During the period under review, growth in value added was primarily generated by two sectors: financial intermediation and other community, social and personal service activities. Increases were also registered in education; health; hotels and restaurants; real estate, renting and business activities; public administration; and wholesale and retail trade. The manufacturing sector registered its highest value added in five quarters.

Declines in value added were observed in transport, storage and communication; construction; mining and quarrying; and electricity, gas and water supply.

The Expenditure Approach

The measurement of GDP from the expenditure approach indicates that GDP at constant prices went up by 3.4 per cent compared to the corresponding period last year. Total final consumption expenditure in real terms decreased by 0.2 per cent. Gross fixed capital formation at constant prices declined by 5.0 per cent. Real exports and real imports experienced increases.

The Income Approach

The change in GDP at current prices, amounting to €92.6 million, is estimated to have been distributed into a €3.5 million decline in compensation of employees, a €61.2 million rise in gross operating surplus of enterprises, and a €34.9 million increase in net taxation on production and imports.

Gross National Income

Considering the effects of income and taxation paid and received by residents to and from the rest of the world, Gross National Income (GNI) at market prices for the first quarter this year is estimated at €1,364.2 million.

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