GDP up by 1.7% in real terms

Provisional National Statistics Office estimates indicated the Gross Domestic Product for the second quarter of 2013 amounted to €1,747.4 million, an increase of 3.4 per cent compared to the corresponding quarter last year. In real terms, GDP went up by 1.7 per cent.

The growth in gross value added was primarily generated by electricity and water supply; public administration, education and health activities; professional, scientific and technical activities; financial and insurance activities; and information and communication services.

Other growth industries included accommodation and food service activities; manufacturing; air transport; and agriculture.

A decline in gross value added was registered in arts, entertainment and recreation; repair of household goods and similar services; and construction.

Total final consumption expenditure in nominal terms increased by 2.5 per cent. In real terms, total final consumption expenditure edged down by 0.4 per cent. Gross fixed capital formation decreased in nominal prices and in real terms. Real imports and exports declined by 14.8 per cent and 8.0 per cent respectively.

Compared to the corresponding quarter last year, GDP at current prices increased by €56.9 million, and is estimated to have been distributed into a €46.1 million increase in compensation of employees, a €27.2 million increase in gross operating surplus of enterprises, and a €16.4 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 second quarter is estimated at €1,633.1 million, up by 1.8 per cent over last year.