1. Throughout the period 2013 to 2016, the quarterly GVA 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 2017 over second quarter 2016)
2. GVA growth rate for the second quarter of 2017 over the corresponding quarter of 2016 is estimated at 4.1%. That growth was mainly due to:
(i) “Financial and insurance activities” contributing 0.7 percentage point;
(ii) “Manufacturing”, “Construction”, “Wholesale and retail trade; repair of motor vehicles and motorcycles” and “Accommodation and food service activities” each contributing 0.4 percentage point;
(iii) “Professional, scientific and technical activities" and “Human health and social work activities” each contributing 0.3 percentage point.
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 3.0% in the second quarter of 2017. Both final consumption expenditure of households and that of government grew by 3.0%.
4. Investment (Gross fixed capital formation) increased by 7.0% in the second quarter of 2017 after a growth of 0.8% in the first quarter of 2017. The positive growth in the second quarter of 2017 was due to growth of 9.4% in “Building and construction work” and 3.2% in “Machinery and equipment”.
5. Exports of goods and services contracted by 0.3% in the second quarter of 2017 following a decline of 2.4% in the first quarter of 2017. Imports of goods and services grew by 6.7% in the second quarter of 2017 after a decline of 7.6% 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 0.9% in the second quarter of 2017 compared to a growth of 0.3% in the first quarter of 2017.