Be the first to comment!GDP up 6.2% at market prices, 3.2% in real terms
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Provisional estimates indicate that the Gross Domestic Product (GDP) for the second quarter this year, when compared to the same period last year, increased by 6.2 per cent at market prices and by 3.2 per cent in real terms. GDP stood at €1,434.9 million at current prices and €1,138.3 million at constant prices.
The Production Approach – Growth in value added was generated primarily by the following industries: real estate, renting and business activities; wholesale and retail trade; hotels and restaurants; transport, storage and communication; financial intermediation; health and education. Increases were also registered in other community, social and personal service activities. Drops in value added were registered in the manufacturing sector, in particular the electronics sub-sector, and in electricity and water supply. Rising oil and cereal prices dampened growth in most economic activities.
The Expenditure Approach – The Expenditure Approach indicates that GDP at constant prices rose by 3.2 per cent. Total final consumption expenditure went up by 6.1 per cent, driven mainly by general government expenditure. Gross fixed capital formation at constant prices declined by 8.5 per cent. Real exports and real imports went down.
The Income Approach – The annual increase in GDP at current prices, amounting to €83.5 million, is estimated to have been distributed into a €28.1 million rise in compensation of employees, a €42.5 million increase in gross operating surplus of enterprises, and a €2.9 million rise 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 €1,279.8 million for the second quarter, down by 2.0 per cent over the same quarter last year. A substantial increase in interest payments, dividend payments and reinvested earnings contributed to a rise in property income paid to the rest of the world, and subsequently to a drop in GNI.
