GDP rose by 6.2% in first quarter, or 4.2% in real terms – NSO

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GDP rose by 6.2% in first quarter, or 4.2% in real terms - NSOFor the first quarter of this year, estimates indicate that Gross Domestic Product (GDP) amounted to €2,492.1 million, an increase of €144.5 million or 6.2 per cent when compared to the corresponding period last year, the National Statistics Office said today. GDP went up by 4.2 per cent in real terms.

Gross Value Added (GVA) increased by €116.2 million when compared to the same quarter last year. The NSO explained that GVA is the net result of output valued at basic prices less intermediate consumption valued at purchasers’ prices.

Public administration and defence; education; human health and social work activities which increased by €27.3 million or 7.2 per cent; arts, entertainment and recreation, repair of household goods and other services which increased by €26.6 million or 9.1 per cent; and professional, scientific and technical activities; administrative and support service activities which increased by €21.8 million or 8.5 per cent, all mainly generated the increase in the GVA, the NSO said.

Total final consumption expenditure in nominal terms during the first quarter, increased by 2.6 per cent and by 2.0 per cent in real terms when compared to the same quarter last year.

The NSO noted that gross fixed capital formation which measures investment increased by 5.7 per cent in nominal prices and increased by 3.1 per cent in real terms. Real exports and imports decreased by 1.3 per cent and 2.2 per cent respectively.

GDP at current prices went up by €144.5 million compared to the corresponding quarter last year, and is estimated to have been distributed into a €49.0 million increase in compensation of employees, a €70.1 million increase in gross operating surplus of enterprises, and a €25.5 million increase in net taxation on production and imports, the National Statistics Office said.

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