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Quarterly National Accounts – 1st Quarter 2023



 Quarterly GVA

1.      Quarterly GDP normally follow 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

2.        GVA growth rate for the first quarter of 2023 over the corresponding quarter of 2022 is estimated at 6.0%. The growth is mainly due to:

  1.     (i) “Accommodation and food service activities" (3.4 percentage points);
  2.     (ii) “Financial and insurance activities" (0.6 percentage point);
  3.     (iii) “Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.3 percentage point);
  4.     (iv) “Agriculture, forestry and fishing" (0.2 percentage point);
  5.     (v) “Construction" (0.2 percentage point);
  6.     (vi) “Transport and storage" (0.2 percentage point);
  7.     (vii) “Information and communication" (0.2 percentage point); and
  8.     (viii) “Public administration, and defence; compulsory social security" (0.2 percentage point).

    Quarterly growth rates of components of expenditure

3.      Total final consumption expenditure in real terms increased by 0.5% in the first quarter of 2023 when compared to the corresponding quarter of 2022. Final consumption expenditure of households increased by 1.3% and that of general government contracted by 2.9%.

4.      Investment (Gross fixed capital formation) went up by 8.3% as opposed to the contraction of 0.1% observed in the previous quarter. The 8.3% increase resulted from increases in “Building and construction work" (4.4%) and “Machinery and equipment" (15.0%).

5.      Exports of goods and services went up by 15.7%, after that of 31.0% registered in the previous quarter. The growth of 15.7% was due to increases in exports of goods (0.8%) and exports of services (22.2%).




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30 June 2023

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