GDP up by 0.8% in real terms

Provisional estimates issued by the National Statistics Office indicate that the Gross Domestic Product (GDP) last year amounted to €6,755.9 million, an increase of 3.0 per cent compared to 2011.

In real terms, GDP went up by 0.8 per cent.

Overview

Last year the economy was characterised by a contraction in the first quarter, followed by three quarters of modest growth, driven mainly by specific service activities and a recovery of niche manufacturing sub-sectors.

The Production Approach

During 2012, growth in gross value added was generated by the following economic activities: financial and insurance activities; arts, entertainment and recreation, repair of household goods and other services; information and communication; public administration and defence; compulsory social security education; human health and social work activities; agriculture, forestry and fishing; professional, scientific and technical activities; administrative and support service activities; wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities; manufacturing; and real estate activities.

A drop in gross value added was registered in mining and quarrying; electricity, gas, steam and air conditioning supply; water supply; sewerage, waste management and remediation activities; and in construction.

The Expenditure Approach

Total final consumption expenditure in nominal terms increased by 2.7 per cent. In real terms, total final consumption expenditure went up by 0.8 per cent.

Gross fixed capital formation increased by €26.8 million in nominal terms. In real terms gross fixed capital formation decreased.

Real exports and real imports increased by 4.4 per cent.

The Income Approach

The year-on-year increase in GDP at current prices amounted to €199.5 million.

It is estimated to have been distributed into a €123.6 million increase in compensation of employees, a €71.8 million rise in gross operating surplus of enterprises, and a €4.2 million increase 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 for 2012 is estimated at €6,278.9 million.