Gross domestic product up 8% from last year

Provisional estimates indicate that the Gross Domestic Product (GDP) for the third quarter of 2015 amounted to €2,299.6 million, an increase of €171.3 million or 8.0 per cent over the corresponding period last year. In real terms, GDP went up by 5.4 per cent.

During the third quarter of 2015 Gross Value Added (GVA) increased by €154.6 million when compared to the same quarter last year. This was mainly generated by wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities which increased by €31.1 million or 6.8 per cent; financial and insurance activities which increased by €29.8 million or 22.9 per cent; professional, scientific and technical activities; administrative and support service activities which increased by €29.5 million or 12.7 per cent; and public administration and defence; education; human health and social work activities which increased by €21.9 million or 6.5 per cent. A drop of €6.7 million or 3.9 per cent was registered in manufacturing.

Total final consumption expenditure in nominal terms increased by 4.1 per cent and by 2.4 per cent in real terms. Gross fixed capital formation increased by €159.3 million in nominal prices and by 39.7 per cent in real terms. Real exports and real imports increased.

Compared to the corresponding quarter last year, the increase in GDP at current prices of €171.3 million is estimated to have been distributed into a €37.4 million increase in compensation of employees, a €119.9 million increase in gross operating surplus of enterprises, and a €14.0 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 third quarter is estimated at €2,258.0 million.