GDP in 2016 amounted to €9,898.0 million, up by 6.7%
|Email item||Print item||
Provisional estimates indicate that the Gross Domestic Product (GDP) in 2016 amounted to €9,898.0 million, an increase of €622.2 million or 6.7 per cent when compared to 2015. In real terms, GDP went up by 5.0 per cent. Gross Domestic Product: 2016, the National Statistics Office said today.
During 2016, Gross Value Added (GVA) increased by €536.8 million when compared to 2015. GVA is the net result of output valued at basic prices less intermediate consumption valued at purchasers’ prices.
The increase in GVA was mainly generated by professional, scientific and technical activities; administrative and support service activities which increased by €116.6 million or 11.9 per cent; Arts, entertainment and recreation, repair of household goods and other services which increased by €100.8 million or 9.3 per cent; and Public administration and defence; education; human health and social work activities which increased by €90.2 million or 6.2 per cent. A drop was registered in construction.
The expenditure approach is another method for calculating GDP, which totals consumption of households, government and non-profit institutions serving households, investment, government spending and net exports.
In 2016, total final consumption expenditure in nominal terms increased by 2.7 per cent when compared to 2015. Household final consumption expenditure increased by 4.2 per cent and government final consumption expenditure showed a drop of 1.5 per cent. In real terms, total final consumption expenditure increased by 1.9 per cent, with household final consumption expenditure showing an increase of 3.9 per cent and a drop in government final consumption expenditure of 3.1 per cent.
Gross fixed capital formation which measures investment increased by 0.9 per cent in nominal prices and decreased by 1.3 per cent in real terms when compared to 2015. Real exports increased by 4.0 per cent and real imports increased by 1.1 per cent.
The third approach to measure economic activity is the income approach which shows how GDP at market prices is distributed into compensation of employees, operating surplus of enterprises and taxes on production and imports net of subsidies.
Compared to 2015, GDP at current prices went up by €622.2 million, and is estimated to have been distributed into a €247.0 million increase in compensation of employees, a €299.3 million increase in gross operating surplus of enterprises and a €75.8 million increase in net taxation on production and imports.
Gross National Income The GNI differs from the GDP measure in terms of net compensation receipts, net property income receivable and net taxes (minus subsidies) receivable on production and imports from abroad.
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 2016 is estimated at €9,329.8 million.