1. Throughout the period 2013 to 2016, 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 (first quarter 2017 over first quarter 2016)
2. GVA growth rate for the first quarter of 2017 over the corresponding quarter of 2016 is estimated at 3.4%. That growth was mainly due to:
(i) “Financial and insurance activities” contributing 0.6 percentage point;
(ii) “Wholesale and retail trade; repair of motor vehicles and motorcycles” contributing 0.4 percentage point;
(iii) “Construction”, “Professional, scientific and technical activities" and “Real estate, renting and business activities” each contributing 0.3 percentage point.
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 2.8% in the first quarter of 2017. Final consumption expenditure of households grew by 2.4% while that of general government grew by 5.2%.
4. Investment increased by 4.2% in the first quarter of 2017 after a growth of 3.8% in the fourth quarter of 2016. The positive growth in the first quarter of 2017 was due to growth of 7.2% in “Building and construction work”, partly offset by a decline of 0.4% in “Machinery and equipment”.
5. Exports of goods and services contracted by 2.6% in the first quarter of 2017 following a decline of 0.9% in the fourth quarter of 2016. Imports of goods and services declined by a further 6.8% in the first quarter of 2017 after a decline of 4.1% in the previous quarter.
Quarter to quarter GVA growth (based on seasonally adjusted GVA)
6. Based on seasonally adjusted data, quarter to quarter GVA grew by 0.2% in the first quarter of 2017 compared to a growth of 1.1% in the fourth quarter of 2016.