Gross Domestic Product in Q2 increased by 4.2% on last year
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The National Statistics Office has said today that provisional estimates indicate that the Gross Domestic Product (GDP) for the second quarter amounted to €1,897.8 million, an increase of 4.2 per cent over the corresponding period last year. In real terms, GDP went up by 2.9 per cent.
During the second quarter, growth in gross value added was mainly generated by public administration and defence; education; human health and social work activities; wholesale and retail trade; transportation and storage; accommodation and food service activities. Negative growth was registered in manufacturing, electricity and water supply.
Total final consumption expenditure in nominal terms increased by 4.8 per cent. In real terms, total final consumption expenditure went up by 3.7 per cent. Gross fixed capital formation increased by €26.3 million in nominal prices and by 14.7 per cent in real terms. Real exports increased while real imports decreased.
Compared to the corresponding quarter last year, GDP at current prices went up by €76.2 million, with an increase of €52.4 million in compensation of employees, a €13.2 million increase in gross operating surplus of enterprises, and a €10.5 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 second quarter is estimated at €1,828.2 million.