Real GDP up by 3.5% over first quarter 2013

Provisional estimates indicate that the Gross Domestic Product (GDP) for the first quarter amounted to €1,771.0 million, an increase of 5.0 per cent over the corresponding period last year. In real terms, GDP went up by 3.5 per cent.

During the first quarter growth in gross value added was mainly generated by public administration and defence; compulsory social security; education; human health and social work activities, together with professional, scientific and technical activities; administrative and support service activities. A drop in gross value added was mainly reported in manufacturing as well as financial and insurance activities. There was an increase of 19.3 per cent in net taxation on products.

Total final consumption expenditure in nominal terms increased by 3.5 per cent. In real terms, total final consumption expenditure increased by 2.2 per cent. Gross fixed capital formation increased by €49.5 million in nominal prices and by 18.6 per cent in real terms.

Real imports and real exports decreased.

Compared to the corresponding quarter last year, GDP at current prices went up by €83.6 million, and is estimated to have been distributed into a €37.9 million increase in compensation of employees, a €12.6 million increase in gross operating surplus of enterprises, and a €33.0 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 first quarter is estimated at €1,732.6 million.