GDP for 2011 up 4.4% over 2010

Following the economy’s increase in 2010, GDP once again increased last year, and was driven by several economic activities, mainly wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities.

During 2011 growth in gross value added was generated by the following economic activities: financial and insurance activities; information and communication; professional, scientific and technical activities; 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; manufacturing; public administration and defence; compulsory social security; education; human health and social work activities; agriculture, forestry and fishing and real estate activities.

Declines in value added were registered in construction, electricity, gas, steam and air-conditioning supply, and water supply activities.

Against the backdrop of a faster growth rate in the first three quarters of 2011, provisional estimates indicate that GDP growth for the last quarter stood at 1.8% at current prices and -0.12% in real times.

Total final consumption expenditure in nominal terms increased by 4.2% and by 3.3% in real terms. Gross fixed capital formation fell by 11.6% at nominal prices and by 13.4% in real prices. Real exports edged up and real imports declined.

The annual change in GDP at current prices, amounting to €270 million, is estimated to have been distributed into a €84.7 million rise in compensation of employees, a €114.5 million increase in gross operating surplus of enterprises, and a €70.8 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 is estimated at €5.8 billion for 2011.