Gross domestic product up 3.7% over first quarter 2011

Provisional estimates indicate that the Gross Domestic Product (GDP) for the first quarter amounted to €1,654.8 million, an increase of 3.7 per cent compared to the corresponding quarter last year. In real terms, GDP went up by 1.6 per cent.

Total final consumption expenditure in nominal terms edged up by 0.3 per cent. In real terms, total final consumption expenditure decreased by 2.1 per cent. Gross fixed capital formation decreased in nominal prices. In real terms, gross fixed capital formation went down by 5.6 per cent. Real imports went up and real exports declined.

Compared to the corresponding quarter last year, GDP at current prices increased by €59.0 million, and is estimated to have been distributed into a €33.0 million increase in compensation of employees, a €44.9 million rise in gross operating surplus of enterprises, and a €19.0 million decrease 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 first quarter is estimated at €1,481.8 million.