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 (third quarter 2018 over third quarter 2017)
2. GVA growth rate for the third quarter of 2018 over the corresponding quarter of 2017 is estimated at 3.2%. The growth was mainly due to:
(i) “Financial and insurance activities” contributing 0.6 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" contributing 0.3 percentage point.
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 3.2% in the third quarter of 2018. Final consumption expenditure of households grew by 3.4% and that of general government increased by 2.2%.
4. Investment increased by 12.9% in the third quarter of 2018 after a growth of 5.9% in the second quarter of 2018. The 12.9% increase in the third quarter of 2018 resulted from growths of 17.8% and 10.3% in “Machinery and equipment” and “Building and construction work” respectively.
5. Exports of goods and services further contracted by 1.2% in the third quarter of 2018 after that of 2.3% in the second quarter of 2018. Imports of goods and services picked up with a growth of 7.6% after a decline of 4.4% 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 1.0% in the third quarter of 2018 compared to a growth of 0.3% in the second quarter of 2018.