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GDP up by 1.9% in third quarter 2012
Household spending gears up.
7 December 2012, 12:00am
Staff Reporter
Staff Reporter
1 min read
Provisional estimates indicate that the Gross Domestic Product (GDP) for the third quarter amounted to €1,801.3 million, an increase of 4.3 per cent compared to the corresponding period last year.
In real terms, GDP went up by 1.9 per cent.
A drop in gross value added was registered in construction, while household spending grew from €951 million to €1 billion between the second and third quarters.
Total final consumption expenditure in nominal terms increased by 3.9 per cent. In real terms, total final consumption expenditure went up by 1.1 per cent. Gross fixed capital formation increased by €26.1 million in nominal prices, and by 2.2 per cent in real terms. Both real exports and real imports increased. Details on developments in the Expenditure Approach components of GDP are shown in
Compared to the corresponding quarter last year, the increase in GDP at current prices amounted to €74.6 million, and is estimated to have been distributed into a €38.6 million increase in compensation of employees, a €41.9 million increase in gross operating surplus of enterprises and a €5.9 million decrease in net taxation on production and imports.
Gross National Income (GNI) at market prices for the third quarter this year is estimated at €1,662.5 million.
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Consumption expenditure up by 3.9%. Of course, indicates the higher prices we are paying, I suppose !
Mark Fenech •
You should have qualified your article, stating that all the increase came from government spending, which is not sustainable. therefore if one deduct the government spending shown in the GDP, the result would show a reduction and not an increase.
