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) Second quarter 2014 over second quarter 2013
2. GDP/GVA growth for the second quarter of 2014 over the corresponding quarter of 2013 has been revised downward to 4.3% from 4.6% estimated in September 2014.
(ii) Third quarter 2014 over third quarter 2013
3. GDP/GVA growth rate for the third quarter of 2014 over the corresponding quarter of 2013 is estimated at 3.5%. The 3.5% growth in GDP during the third quarter of 2014 was mainly due to “Manufacturing” and “Financial and insurance activities”, each contributing 0.5 percentage point partly offset by “Construction” which registered a negative contribution of 0.5 percentage point.
Quarterly growth rates of components of expenditure
4. Total final consumption expenditure in real terms increased by 2.9% in the third quarter of 2014, lower than the 3.3% growth in the second quarter of 2014 (Table 4). Final consumption expenditure of households grew by 2.9% compared to 2.8% in the previous quarter while that of general government grew by 2.8% compared to a growth of 5.5% in the second quarter of 2014.
5. Investment continued in its decline by registering a negative growth rate of 11.4% in the third quarter of 2014 following a contraction of 3.0% in the second quarter of 2014. The contraction of 11.4% was the combined result of declines of 7.8% and 17.6% in “Building and construction work” and “Machinery and equipment” respectively.
6. Both exports and imports of goods and services registered positive growth during the third quarter of 2014. Exports of goods and services grew by 16.5% in the third quarter, higher than the growth of 5.4% registered in the second quarter while imports of goods and services increased by 8.3% in the third quarter of 2014 compared to a growth of 2.2% in the second quarter of 2014.
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 at a lower rate of 0.2% in third quarter of 2014 after a growth of 2.3% in the second quarter of 2014.