Real GDP up by 1.9% over third quarter 2012

Provisional estimates indicate that the Gross Domestic Product (GDP) for the third quarter amounted to €1,878.8 million, an increase of 3.8 per cent over the corresponding period last year. In real terms, GDP went up by 1.9 per cent.

During the third quarter growth in gross value added was generated by public administration, education and health activities; professional, scientific and technical activities; administrative and support service activities; information and communication; and accommodation and food service activities. Other growth industries included: financial and insurance activities; arts, entertainment and recreation, repair of household goods and other services, and transport and storage.

A drop in gross value added was reported in manufacturing; construction; real estate activities; agriculture; wholesale and retail trade, repair of motor vehicles and motorcycles.

Total final consumption expenditure in nominal terms increased by 1.6 per cent. In real terms, total final consumption expenditure edged up by 0.1 per cent. Gross fixed capital formation decreased by €10.7 million in nominal prices and by 6.2 per cent in real terms. Real imports and exports increased.

Compared to the corresponding quarter last year, GDP at current prices went up by €68.3 million, and is estimated to have been distributed into a €25.8 million increase in compensation of employees, a €20.7 million increase in gross operating surplus of enterprises, and a €21.8 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 for the third quarter is estimated at €1,792.0 million.