Provisional estimates released by the National Statistics Office indicate that the Gross Domestic Product (GDP) for the first quarter of this year, when compared to the same period last year, increased by 6.2 per cent at market prices and by 3.5 per cent in real terms. GDP stood at €1,312.6 million at current prices and €1,072.2 million at constant prices.

The Production Approach – Growth in value added was generated primarily by the following industries: remote gaming activities; real estate, renting and business activities; transport, storage and communication; hotels and restaurants; wholesale and retail trade; public administration, education and health. Small increases were also registered in agriculture and fishing activities. Drops in value added were registered in the manufacturing sector, in particular the manufacturing of textiles, leather, electrical equipment and toys; financial intermediation, due to increases in operating costs; and in electricity and water supply. Rising international oil and food prices dampened growth in most economic activities.

The Expenditure Approach – The Expenditure Approach indicates that GDP at constant prices rose by 3.5 per cent. Total final consumption expenditure went up by 4.6 per cent, driven mainly by general government expenditure. Gross fixed capital formation at constant prices declined by 5.4 per cent. There was a positive change in the stock component under ‘changes in inventories’. Real exports and imports of goods and services went down.

The Income Approach – The annual increase in GDP at current prices, amounting to €76.5 million, is estimated to have been distributed into a €38.6 million rise in compensation of employees, a €41.3 million increase in gross operating surplus of enterprises, and a €13.4 million decline 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 €1,305.6 million for the first quarter, up by 10.8 per cent over the same quarter last year.

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