Provisional estimates indicate that the Gross Domestic Product (GDP) for 2008 amounted to €5.7 billion, an increase of 4.0 per cent over 2007. In real terms GDP went up by 1.6 per cent.
The Production Approach
Growth in value added was generated by the following industries: transport, storage and communication; financial intermediation; real estate, renting and business activities; public administration; education and health. Increases were also registered in wholesale and retail trade; quarrying and construction. Remote gaming activities contributed towards increases within other community, social and personal service activities.
Drops in value added were registered in agriculture; fishing; manufacturing, in particular the manufacture of electrical and optical equipment; electricity, gas and water supply; and hotels and restaurants.
Increases in Gross Value Added ranged from 7.7 per cent in quarter two to 1.0 per cent in quarter four, compared to the corresponding periods in 2007.
The Expenditure Approach
This approach indicates that GDP at constant prices went up by 1.6 per cent in 2008. Total final consumption expenditure in real terms rose by 5.0 per cent, whilst Gross Fixed Capital Formation dropped. Real exports and real imports also experienced declines.
The Income Approach
The annual change in GDP at current prices, amounting to €220.2 million, is estimated to have been distributed into a €113.5 million rise in compensation of employees, a €108.5 million increase in gross operating surpluses of enterprises and a €1.7 million drop 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 €5.5 billion for 2008, an increase of 3.2 per cent over the previous year.