1. Throughout the period 2011 to 2014, the quarterly GDP follows almost the same seasonal pattern every year. Production is relatively low in the first quarter, increases gradually in the two subsequent quarters and peaks in the last quarter before declining in the first quarter of the following year.
Quarterly growth rate by industry group (Third quarter 2015 over third quarter 2014)
2. GDP growth rate for the third quarter of 2015 over the corresponding quarter of 2014 is estimated at 3.7%. This growth is mainly due to: “Financial and insurance activities” contributing 0.6 percentage point; “Accommodation and food service activities” contributing 0.5 percentage point; “Wholesale and retail trade; repair of motor vehicles and motorcycles” contributing 0.4 percentage point; “Manufacturing”, “Information and communication” and “Professional, scientific and technical activities" each contributing 0.3 percentage point; “Transport and storage”, “Administrative and support service activities”, “Public administration and defence; compulsory social security”, “Education”, “Human health and social work activities” and “Arts, entertainment and recreation” each contributing 0.2 percentage point; and “Construction” registering a negative contribution of 0.2 percentage point.
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 3.0% in the third quarter of 2015, slightly higher than the 2.9% growth registered in the second quarter of 2015. Final consumption expenditure of households grew by 3.0% compared to 2.8% in the previous quarter while that of general government grew by 2.6% compared to a growth of 3.4% in the second quarter of 2015.
4. Investment continued to decline in the third quarter with a negative growth rate of 0.8% following a contraction of 0.6% in the second quarter. The contraction of 0.8% was the net result of a decline of 2.6% in “Building and construction work” and a growth of 2.5% in “Machinery and equipment”.
5. Exports of goods and services contracted by 3.0% in the third quarter of 2015 following a contraction of 3.6% in the second quarter. Imports of goods and services grew by 5.9% in the third quarter of 2015 compared to a growth of 3.6% in the previous quarter.
Quarter to quarter GDP growth (based on seasonally adjusted GDP)
6. Quarter to quarter GDP growth rates based on seasonally adjusted data show that the economy grew by 1.1% in third quarter of 2015 compared to 1.9% in the second quarter of 2015.