1. Throughout the period 2014 to 2017, the quarterly GDP followed almost the same seasonal pattern each 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 2018 over second quarter 2017)
2. GVA growth rate for the second quarter of 2018 over the corresponding quarter of 2017 is estimated at 3.4%. The growth was mainly due to:
(i) “Financial and insurance activities” contributing 0.7 percentage point;
(ii) “Construction” and “Wholesale and retail trade; repair of motor vehicles and motorcycles” each contributing 0.4 percentage point;
(iii) “Professional, scientific and technical activities" and “Public administration and defence: compulsory social security” each contributing 0.3 percentage point.
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 4.0% in the second quarter of 2018. Final consumption expenditure of households grew by 3.2% and that of general government increased by 8.1%.
4. Investment increased by 5.7% in the second quarter of 2018 as opposed to a contraction of 0.7% in the first quarter of 2018. The 5.7% increase in the second quarter of 2018 was due to growth of 10.3% in “Building and construction work”, partly offset by a decline of 1.2% in “Machinery and equipment”.
5. Exports of goods and services further contracted by 0.2% in the second quarter of 2018 after that of 3.7% in the first quarter of 2018. Imports of goods and services picked up with a growth of 5.4% after a decline of 12.4% 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 0.3% in the second quarter of 2018 compared to a growth of 0.8% in the first quarter of 2018.