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 (third quarter 2016 over third quarter 2015)
2. GVA growth rate for the third quarter of 2016 over the corresponding quarter of 2015 is estimated at 4.0. That growth was mainly due to:
(i) “Financial and insurance activities” which contributed 0.7 percentage point;
(ii) “Accommodation and food service activities” contributing 0.4 percentage point
(iii) “Wholesale and retail trade; repair of motor vehicles and motorcycles”, “Construction”, “Information and communication” and “Professional, scientific and technical activities" each contributing 0.3 percentage point.
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 2.7% in the third quarter of 2016 compared to 3% in the previous quarter. Final consumption expenditure of households grew by 2.9% compared to 2.8% in the previous quarter while that of general government grew by 1.3 compared to 3.7% in the second quarter of 2016.
4. Investment increased by 9.6% in the third quarter of 2016 after a growth of 0.3% in the second quarter. The positive growth in the third quarter was due to growth of 8.8% in “Building and construction work” and a growth of 11.2% in “Machinery and equipment”.
5. Exports of goods and services contracted further by 5.9% in the third quarter of 2016 following a decline of 10.0% in the second quarter. Imports of goods and services grew by 1.2% in the third quarter of 2016 compared to a decline of 2.3% in the previous quarter.
Quarter to quarter GVA growth (based on seasonally adjusted GVA)
6. Quarter to quarter GVA growth rates based on seasonally adjusted data show that the economy improved by 3.1% in the third quarter of 2016 compared to a decline of 0.4% in the second quarter of 2016.