Gross Domestic Product up by 4.7% in second quarter of 2016

Gross Domestic Product for the second quarter of 2016 amounted to €2,277.6 million

Gross Domestic Product for the second quarter of 2016 saw an increase of €102.7 million
Gross Domestic Product for the second quarter of 2016 saw an increase of €102.7 million

Provisional estimates indicate that the Gross Domestic Product (GDP) for the second quarter of 2016 amounted to €2,277.6 million, an increase of €102.7 million when compared to the corresponding period last year. This marks a 4.7% rise. In real terms, GDP went up by 3%.

During the second quarter of 2016, Gross Value Added (GVA) increased by €86.4 million when compared to the same quarter last year. The main contributors to this were professional, scientific and technical activities and administrative and support service activities which increased by €19.5 million, 8.5% rise. Public administration and defence, education, and human health and social work activities also increased by €19.5 million, a 5.3% rise. Information and communication also increased by €11.2 million, a 10.1% increase.

A slight drop was registered in construction.

Total final consumption expenditure in nominal terms increased by 3.5% and by 2.4% in real terms.

Gross fixed capital formation increased by 1.2% in nominal prices and decreased by 2.1% in real terms.

Real exports increased by 0.2 and real imports decreased by 0.03.

Compared to the corresponding quarter last year, the increase in GDP at current prices of €102.7 million is estimated to have been distributed into a €57 million increase in compensation of employees, a €39.7 million increase in gross operating surplus of enterprises, and a €6 million increase 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 second quarter of 2016 is estimated at €2,225.3 million.