1. Throughout the period 2010 to 2012, the quarterly GDP follows the same seasonal pattern every year. The 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
(i) Second quarter 2013 over second quarter 2012
2. GDP growth for the second quarter of 2013 over the corresponding quarter of 2012 worked out to 3.5%, higher than the growth of 3.3% estimated in September 2013.
(ii) Third quarter 2013 over third quarter 2012
3. GDP growth rate for the third quarter of 2013 over the corresponding quarter of 2012 is estimated at 3.5%. The main contributors to the 3.5% growth in GDP during the third quarter of 2013 were: (i) “Manufacturing” and “Financial and insurance activities”, each contributing 0.6 percentage point; (ii)“Wholesale and retail trade; repair of motor vehicles and motorcycles” and “Accommodation and food service activities”, each contributing 0.4 percentage point; (iii) “Information and communication”, “Professional, scientific and technical activities" and “Arts, entertainment and recreation”, each contributing 0.3 percentage point and (iv) “Construction” which registered a negative contribution of 0.7 percentage point.
Quarterly growth rates of components of expenditure
4. Total final consumption expenditure registered a growth of 2.2% in the third quarter of 2013, higher than the 2.0% growth in the second quarter of 2013. The final consumption expenditure of households grew by 2.6% compared to 2.5% in the previous quarter while that of general government grew by 0.2% as opposed to a decline of 0.8% in the second quarter of 2013
5. The declining trend in investment noted since the third quarter of 2012 continued in the third quarter of 2013 when investment registered a fall of 0.6%. The contraction of 0.6% was the net result of a decline of 11.3% in “Building and construction work” partly offset by a growth of 25.0% in “Machinery and equipment”.
6. Both exports and imports of goods and services registered positive growths in the third quarter of 2013. Export of goods and services improved by 1.7% in the third quarter of 2013 after a decline of 0.9% in the previous quarter. The growth of 1.7% was the net result of a growth of 6.8% in export of goods partly offset by a decline of 3.1% in export of services.
7. Imports of goods and services grew by 13.2% in the third quarter of 2013 compared to 1.8% of the second quarter. Growths were observed in both import of goods (+11.3%) and services (+17.4%) in the third quarter.
Quarter to quarter GDP growth (based on seasonally adjusted GDP)
8. Quarter to quarter GDP growth rates based on seasonally adjusted data show that the economy improved by 1.1% in the third quarter of 2013 compared to 0.7% recorded for the second quarter of 2013.