1. Throughout the period 2010 to 2013, 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) Fourth quarter 2013 over fourth quarter 2012
2. GDP growth for the fourth quarter of 2013 over the corresponding quarter of 2012 worked out to 2.7%, lower than the growth of 2.9% estimated in March 2014.
(ii) First quarter 2014 over first quarter 2013
3. GDP growth rate for the first quarter of 2014 over the corresponding quarter of 2013 is estimated at 2.4%. The main contributors to the 2.4% growth were: (i) “Financial and insurance activities” contributing 0.6 percentage point, (ii) “Wholesale and retail trade; repair of motor vehicles and motorcycles” and “Professional, scientific and technical activities" each contributing 0.4 percentage point, (iii) “Information and communication”, and “Human health and social work activities”, each contributing 0.3 percentage point; and (iv) “Manufacturing”, “Construction” and “Accommodation and food service activities” which registered a negative contribution of 0.5, 0.2 and 0.1 percentage point respectively.
Quarterly growth rates of components of expenditure
4. Total final consumption expenditure registered a growth of 1.5% in the first quarter of 2014, lower than the 1.8% growth in the fourth quarter of 2013. The final consumption expenditure of households grew by 1.6% compared to 2.2% in the previous quarter while that of general government grew by 1.1% as opposed to a decline of 0.1% in the fourth quarter of 2013.
5. Investment grew by 1.4% in the first quarter of 2014, lower than the growth of 1.9% registered for the fourth quarter of 2013. The growth of 1.4% was the combined result of a growth of 11.0% in “Machinery and equipment” partly offset by a decline of 3.2% in “Building and construction work”.
6. Both exports and imports of goods and services recorded negative growths during the first quarter of 2014. Exports of goods and services declined by 2.4% in the first quarter of 2014 as opposed to a growth of 8.8% for the previous quarter while imports of goods and services declined by 4.5% in the first quarter of 2014 compared to a growth of 11.9% of the fourth quarter of 2013.
Quarter to quarter GDP growth (based on seasonally adjusted GDP)
7. Quarter to quarter GDP growth rates based on seasonally adjusted data show that the economy grew by 0.5% in the first quarter of 2014 after registering a growth of 0.3% in the fourth quarter of 2013.