Provisional estimates indicate that the Gross Domestic Product (GDP) for 2009 amounted to €5.7 billion, an increase of 0.3 per cent over 2008. In real terms, GDP contracted by 1.9 per cent.

Quarterly GDP growth rates at market prices during 2009 ranged from -2.0 per cent in Q2 to 2.4 per cent in Q4, when compared to the corresponding periods in 2008. In real terms, GDP contracted for first three consecutive quarters and was positive in Q4.

The Production Approach

Growth in value added was generated by the following economic activities: financial intermediation; real estate, renting and business activities; other community services; public administration; education; health; agriculture; fishing; and electricity, gas and water supply.

Drops in value added were registered in the manufacturing sector; hotels and restaurants; transport, storage and communication; wholesale and retail trade and construction.

The Expenditure Approach

The expenditure approach indicates that GDP at constant prices declined by 1.9 per cent. Total final consumption expenditure in real terms increased by 0.4 per cent. Gross fixed capital formation at constant prices declined by 19.3 per cent. Real exports and real imports also experienced declines.

The Income Approach

The annual change in GDP at current prices, amounting to €14.8 million, is estimated to have been distributed into a €6.3 million rise in compensation of employees, a €24.8 million decline in gross operating surplus of enterprises, and a €33.3 million rise in net taxation on production and imports.

Gross National Income

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 is estimated at €5.4 billion for 2009.