1. Throughout the period 2012 to 2015, 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 (second quarter 2016 over second quarter 2015)
2. GVA growth rate for the second quarter of 2016 over the corresponding quarter of 2015 is estimated at 2.5%. This growth is mainly due to: “Financial and insurance activities” which contributed 0.7 percentage point; “Wholesale and retail trade; repair of motor vehicles and motorcycles” contributing 0.4 percentage point, “Transport and storage” and “Information and communication” each contributing 0.3 percentage point and “Manufacturing” and “Construction” each registering a negative contribution of 0.3 percentage point.
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 2.7% in the second quarter of 2016 same as in the previous quarter. Final consumption expenditure of households grew by 2.7% compared to 2.5% in the previous quarter while that of general government grew by 3.0 compared to 3.5% in the first quarter of 2016.
4. Investment declined by 0.2% in the second quarter of 2016 after a growth of 4.5% in the first quarter. The negative growth in the second quarter was the net result of a decline of 5.0% in “Building and construction work” and a growth of 8.1% in “Machinery and equipment”.
5. Exports of goods and services contracted further by 9.9% in the second quarter of 2016 following a decline of 5.5% in the first quarter. Imports of goods and services declined by 4.2% in the second quarter of 2016 compared to a growth of 2.1% in the previous quarter.
Quarter to quarter GDP growth (based on seasonally adjusted GDP)
6. Quarter to quarter GVA growth rates based on seasonally adjusted data show that the economy declined by 0.5% in second quarter of 2016 after a positive growth of 0.7% in the first quarter.