Quarterly National Accounts – Second Quarter 2015
1. Throughout the period 2011 to 2014, the quarterly GDP follows almost 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 2015 over first quarter 2014
2. GDP growth for the first quarter of 2015 over the corresponding quarter of 2014 has been revised downward to 3.5% from 3.7% estimated in June 2015.
(ii) Second quarter 2015 over second quarter 2014
3. GDP growth rate for the second quarter of 2015 over the corresponding quarter of 2014 is estimated at 3.0%. This growth is mainly due to: “Wholesale and retail trade; repair of motor vehicles and motorcycles”, “Information and communication” and “Financial and insurance activities” each contributing 0.4 percentage point; “Accommodation and food service activities”, “Professional, scientific and technical activities" and “Public administration and defence; compulsory social security” each contributing 0.3 percentage point; “Transport and storage”, “Administrative and support service activities” and “Arts, entertainment and recreation” each contributing 0.2 percentage point; and “Construction” registering a negative contribution of 0.3 percentage point.
Quarterly growth rates of components of expenditure
4. Total final consumption expenditure in real terms increased by 3.5% in the second quarter of 2015, higher than the 2.2% growth in the first quarter of 2015. Final consumption expenditure of households grew by 2.9% compared to 2.6% in the previous quarter while that of general government grew by 6.7% compared to a growth of 0.4% in the first quarter of 2015.
5. Investment picked up by 0.6% in the second quarter of 2015 after a decline of 0.4% in the first quarter. The growth of 0.6% was the net result of an increase of 8.2% in “Machinery and equipment” and a decline of 3.5% in “Building and construction work”
6. Exports of goods and services contracted by 3.6% in the second quarter of 2015 after a growth of 15.4% in the first quarter. Imports of goods and services grew by 4.6% in the second quarter of 2015 compared to a growth of 14.0% in the previous quarter.
Quarter to quarter GDP growth (based on seasonally adjusted GDP)
7. Quarter to quarter GDP/GVA growth rates based on seasonally adjusted data show that the economy grew by 1.6% in second quarter of 2015 compared to 0.5% in the first quarter of 2015.