Provisional estimates indicate that the Gross Domestic Product (GDP) for the first quarter amounted to €1,654.8 million, an increase of 3.7 per cent compared to the corresponding quarter last year. In real terms, GDP went up by 1.6 per cent, the National Statistics Office said today.

During the first quarter, growth in gross value added was generated by the following economic activities: mining and quarrying; electricity supply; water supply; sewerage, waste management and remediation activities; financial and insurance activities; manufacturing; professional, scientific and technical activities; administrative and support service activities; agriculture and fishing; public administration; education; human health and social work activities; information and communication; arts, entertainment and recreation; repair of household goods and other services; wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities; and real estate activities. A drop in gross value added was registered in construction.

Total final consumption expenditure in nominal terms edged up by 0.3 per cent. In real terms, total final consumption expenditure decreased by 2.1 per cent. Gross fixed capital formation decreased in nominal prices. In real terms, gross fixed capital formation went down by 5.6 per cent. Real imports went up and real exports declined.

Compared to the corresponding quarter last year, GDP at current prices increased by €59.0 million, and is estimated to have been distributed into a €33.0 million increase in compensation of employees, a €44.9 million rise in gross operating surplus of enterprises, and a €19.0 million decrease 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 first quarter is estimated at €1,481.8 million.

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