Quarterly National Accounts – 1st Quarter 2022


1.      This publication comprises a set of revised quarterly estimates for the period 2018 to 2021 based on data obtained from the Census of Economic Activities (CEA) conducted in 2018. The estimates in this issue are therefore not strictly comparable with figures published in previous quarterly national accounts publications which were based on the previous round of the CEA conducted in 2013.

Quarterly GVA

2.      Throughout the period 2018 to 2019, the quarterly GDP followed almost the same seasonal pattern each year. 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.

Year-on-year growth rates

3.        GVA growth rate for the first quarter of 2022 over the corresponding quarter of 2021 is estimated at 9.9%. The growth is mainly due to:

​ “Accom​modation and food service activities" (5.6 percentage points);
​  “Manufacturing" (0.8 percentage point);
​ “Public administration and defence; compulsory social security" (0.8 percentage point);
​“Wholesale and retail trade; repair of motor vehicles and motor cycles" (0.5 percentage point) and
  “Human health and social work activities" (0.5 percentage point).

Quarterly growth rates of components of expenditure

4.      Total final consumption expenditure in real terms further increased by 4.1% in the first quarter of 2022 after that of 2.7% observed in the previous quarter. Final consumption expenditure of households grew by 1.4% and that of general government by 16.4%

5.      Investment (Gross fixed capital formation) increased by 3.4% after that of 1.5% observed in the fourth quarter of 2021. The 3.4% increase resulted from an increase in “Machinery and equipment" (10.1%), partly offset by drop of 0.1% in “Building and construction work".

6.        Exports of goods and services increased by 9.3% compared to that of 52.4% observed in the previous quarter. The 9.3% increase is due to an increase in exports of services (18.7%), offset by contraction of 5.7% in export of goods.



30 June 2022