NEWS | Wednesday, 10 December 2008

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GDP up by 2.2% in third quarter

Provisional estimates indicate that the Gross Domestic Product (GDP) for the third quarter this year (July-September), when compared to the same period last year, increased by 4.6% at market prices and by 2.2% in real terms.
GDP stood at €1,500.1 million at current prices and at €1,181.6 million at constant prices.
The Expenditure Approach indicates that GDP at constant prices rose by 2.2%. Total final consumption expenditure went up by 7.3%, driven mainly by private household expenditure. Gross fixed capital formation at constant prices declined by 7.1%.
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.
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.
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% over the same quarter last year.

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