1. Throughout the period 2009 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) First quarter 2013 over first quarter 2012
2. GDP growth for the first quarter of 2013 over the corresponding quarter of 2012 has been revised slightly downward to 3.6%, from 3.7% estimated previously in June 2013.
(ii) Second quarter 2013 over second quarter 2012
3. GDP growth rate for the second quarter of 2013 over the corresponding quarter of 2012 is estimated at 3.3%. The main contributors to the 3.3% growth in GDP during the second quarter of 2013 were “Financial and insurance activities” contributing 0.6 percentage point, “Manufacturing” and “Wholesale and retail trade; repair of motor vehicles and motorcycles”, each contributing 0.5 percentage point and “Professional, scientific and technical activities" contributing 0.4 percentage point.
Quarterly growth rates of components of expenditure
4. Total final consumption expenditure registered a growth of 2.2% in the second quarter of 2013, lower than the 2.9% growth in the first quarter of 2013 (Table 4). The final consumption expenditure of households grew by 2.7% compared to 2.8% in the previous quarter while that of general government declined by 0.2% following a growth of 3.1% in the first quarter of 2013.
5. Investment continued in its declining trend noted since the third quarter of 2012 by registering a negative growth of 3.5% in the second quarter of 2013 after a decline of 13.3% in the first quarter of 2013. The decline of 3.5% is the combined result of declines of 4.2% and 2.0% in “Building and construction work” and “Machinery and equipment” respectively.
6. During the second quarter of 2013, exports of goods and services contracted further by 0.1% after the decline of 5.2% registered in the previous quarter. The contraction of 0.1% is the net result of a decline of 0.2% in export of services offset by a growth of 0.1% in export of goods.
7. Imports of goods and services grew further by 0.2% in the second quarter of 2013 as opposed to the decline of 1.5% noted for the previous quarter. The growth of 0.2% was attributable to an increase of 6.8% in import of services partly offset by a decline of 3.1% in import of goods.
Quarter to quarter GDP growth (based on seasonally adjusted GDP)