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Quarterly National Accounts - 1st Quarter 2024


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 2024 over the corresponding quarter of 2023 is estimated at 6.3%. The growth is mainly due to:

​  “Construction" (2.2 percentage points);
​“Financial and insurance activities" (0.9 percentage point);
​  “Accommodation and food service activities" (0.8 percentage point);
​“Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.4 percentage point);
​“Information and communication" (0.4 percentage point);
​“Manufacturing" (0.3 percentage point);
​  “Transport and storage" (0.3 percentage point);
​“Human health and social work activities" (0.3 percentage point); and
​ “Education" (0.2 percentage point).​

Quarterly growth rates of components of expenditure

3.        Total final consumption expenditure in real terms increased by increased by 2.2% in the first quarter of 2024 when compared to the corresponding quarter of 2023. Final consumption expenditure of households increased by 2.0% and that of general government by 3.7%.

4.        Investment (Gross fixed capital formation) went up by 23.7% after the growth of 43.4% observed in the previous quarter. The 23.7% increase resulted from increases in “Building and construction work" (33.9%) and “Machinery and equipment" (3.2%). 

5.        Exports of goods and services increased by 3.2%, as opposed to the contraction of 4.1% observed in the previous quarter. The increase of 3.2% was due to increases in exports of services (7.0%), partly offset by decreases in exports of goods (-12.4%).

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28 June 2024