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) Growth rates, (year-on-year), Q3 2013
2. GDP growth for the third quarter of 2013 over the corresponding quarter of 2012 has been revised slightly downwards to 3.4% from 3.5% estimated in December 2013.
(ii) Growth rates, (year-on-year), Q4 2013
3. GDP growth rate for the fourth quarter of 2013 over the corresponding quarter of 2012 is estimated at 2.9%. The main contributors to the 2.9% growth in GDP during the fourth quarter of 2013 were: (i) “Manufacturing” contributing 0.9 percentage point, (ii) “Financial and insurance activities contributing 0.5 percentage point, (iii) “Wholesale and retail trade; repair of motor vehicles and motorcycles” contributing 0.4 percentage point and “Construction” which registered a negative contribution of 1.2 percentage points.
Quarterly growth rates of components of expenditure
4. Total final consumption expenditure registered a growth of 2.3% in the fourth quarter of 2013, slightly higher than the 2.2% growth in the third quarter of 2013 (Table 4). The final consumption expenditure of households grew by 2.8% compared to 2.6% in the previous quarter while that of general government declined by 0.1% as opposed to a growth of 0.4% in the third quarter of 2013.
5. After a series of negative growth since the third quarter of 2012, investment picked up with a growth rate of 1.5% in the fourth quarter of 2013. The growth of 1.5% was the net result of a growth of 58.3% in “Machinery and equipment”, partly offset by a decline of 19.1% in “Building and construction work”.
6. Both exports and imports of goods and services registered positive growths in the fourth quarter of 2013. Export of goods and services grew by 8.3% in the fourth quarter of 2013 following a growth of 6.0% previous quarter. The growth of 8.3% was the combined result of growths of 5.8% in export of goods and 10.3% in export of services.
7. Imports of goods and services grew by 12.2% in the fourth quarter of 2013 compared to 11.3% of the third quarter. Both imports of goods and imports of services grew equally by 12.2% in the fourth 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 a lower rate of 0.3% in the fourth quarter of 2013 compared to 1.0% registered for the third quarter of 2013.