Quarterly National Accounts – 1st Quarter 2025
Highlights
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 2025 over the corresponding quarter of 2024 is estimated at 4.1%. The growth is mainly due to:
(i)
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“Public administration and defence; compulsory social security" (1.1 percentage points);
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(ii)
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“Agriculture, forestry and fishing" (0.9 percentage point);
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(iii)
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“Financial and insurance activities" (0.6 percentage point);
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(iv)
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“Education" (0.4 percentage point);
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(v)
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“Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.3 percentage point);
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(vi)
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“Transport and storage" (0.3 percentage point);
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(vii)
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“Manufacturing" (0.2 percentage point);
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(viii)
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“Electricity, gas, steam and air conditioning supply" (0.2 percentage point);
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(ix)
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“Information and communication" (0.2 percentage point); and
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(x)
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“Arts, entertainment and recreation" (0.2 percentage point).
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-
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 4.7% in the first quarter of 2025 when compared to the corresponding quarter of 2024. Final consumption expenditure of households increased by 2.5% and that of general government by 14.2%.
4. Investment (Gross Fixed Capital Formation) further contracted by 7.1%, after the decline of 1.9% recorded in the previous quarter. The 7.1% decline was the result of decreases in "Building and construction work" (-4.2%) and “Machinery and equipment" (-12.9%).
5. Exports of goods and services increased by 2.2%, contrasting with the 0.5% decline recorded in the previous quarter. This increase was mainly due to a 11.1% growth in goods exports, partially offset by a contraction of 3.2% in exports of services.
27 June 2025
