Be the first to comment!GDP up 4.6% at market prices, 2.2% in real terms
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Provisional estimates indicate that the Gross Domestic Product (GDP) for the third quarter this year, when compared to the same period last year, increased by 4.6 per cent at market prices and by 2.2 per cent in real terms. GDP stood at €1,500.1 million at current prices and at €1,181.6 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; wholesale and retail trade; health; financial intermediation and public administration.
Increases were also registered in construction, other community, social and personal service activities and hotels and restaurants.
Drops in value added were registered in the manufacturing sector, in particular the manufacturing of electrical and optical equipment and of chemical and chemical products; and in electricity and water supply. Rising oil prices dampened growth in most economic activities.
The Expenditure Approach
The Expenditure Approach indicates that GDP at constant prices rose by 2.2 per cent, as shown in table 10. Total final consumption expenditure went up by 7.3 per cent, driven mainly by private household expenditure. Gross fixed capital formation at constant prices declined by 7.1 per cent. Real exports and real imports went down.
The Income Approach
The annual increase in GDP at current prices, amounting to €65.5 million, is estimated to have been distributed into a €19.6 million rise in compensation of employees, and a €45.9 million increase in gross operating surplus of enterprises. Net taxation on production and imports remained practically unchanged.
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 €1,444.1 million for the third quarter, up by 3.7 per cent over the same quarter last year.
