The National Statistics Office has said today that provisional estimates indicate that the Gross Domestic Product (GDP) for the second quarter this year amounted to €1,598.3 million, an increase of 5.6 per cent compared to the corresponding period last year. In real terms, GDP went up by 2.8 per cent.

During the period under review, growth in gross value added was generated by the following economic activities: agriculture and fishing; manufacturing; wholesale and retail trade; transportation and storage; accommodation and food service activities; information and communication; real estate activities; professional, scientific and technical activities; public administration; education; human health and social work activities; and arts, entertainment and recreation. A drop in gross value added was registered in the financial and insurance activities; construction; and electricity, gas and water supply.

The measurement of GDP from the expenditure approach indicates that GDP at constant prices went up by 2.8 per cent. Total final consumption expenditure in real terms increased by 0.9 per cent. Gross fixed capital formation at constant prices declined by 1.7 per cent. Real exports and real imports experienced increases.

The annual change in GDP at current prices, amounting to €85.4 million, is estimated to have been distributed into a €10.2 million increase in compensation of employees, a €39.7 million rise in gross operating surplus of enterprises, and a €35.5 million increase in net taxation on production and imports.

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 second quarter this year is estimated at €1,395.1 million.

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