Provisional estimates indicate that the Gross Domestic Product (GDP) for 2010 amounted to €6.2 billion, an increase of 6.8 per cent over 2009. In real terms, GDP went up by 3.7 per cent.

Following the economy’s contraction in 2009, GDP went up last year, driven mainly by financial intermediation, sub-sectors of manufacturing, and selected service activities.

The Production Approach

Last year growth in value added was generated by the following economic activities: financial intermediation; hotels and restaurants; health; manufacturing activities; education; other community, social and personal service activities; real estate, renting and business activities; wholesale and retail trade; transport, storage and communication; electricity, gas and water supply and public administration.

Declines in value added were observed in mining and quarrying; agriculture; construction and fishing.

The Expenditure Approach

The measurement of GDP from the expenditure approach indicates that GDP at constant prices went up by 3.7 per cent, as shown in Table 9. Total final consumption expenditure in real terms edged down. Gross fixed capital formation at constant prices advanced by 10.0 per cent. Real exports and real imports experienced increases.

The Income Approach

The annual change in GDP at current prices, amounting to €395.2 million, is estimated to have been distributed into a €12.8 million rise in compensation of employees, a €366.1 million increase in gross operating surplus of enterprises, and a €16.3 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 is estimated at €5.8 billion for 2010.

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