Quarterly National Accounts - 1st Quarter 2026
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 2026 over the corresponding quarter of 2025 is estimated at 2.0%. The growth is mainly due to:
(i)
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“Financial and insurance activities" (0.5 percentage point);
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(ii)
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“Accommodation and food service activities" (0.4 percentage point);
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(iii)
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“Agriculture, forestry and fishing" (0.2 percentage point);
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(iv)
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“Electricity, gas, steam and air conditioning supply" (0.2 percentage point);
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(v)
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“Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.2 percentage point); |
(vi)
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“Transport and storage" (0.2 percentage point);
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(vii)
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“Information and communication" (0.2 percentage point); and
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(viii)
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“Professional, scientific and technical activities" (0.2 percentage point).
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Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms declined by 0.2% in the first quarter of 2026 when compared to the corresponding quarter of 2025. Final consumption expenditure of households increased by 0.5% and that of general government contracted by 3.3%.
4. Investment (Gross Fixed Capital Formation) grew 1.9%, compared to the contraction of 1.9% recorded in the previous quarter. The 1.9% increase was the result of an increase in “Machinery and equipment" (13.6%), partly offset by a decline in "Building and construction work" (-3.7%).
5. Exports of goods and services increased by 13.1%, after that of 8.4% recorded in the previous quarter. This 13.1% increase was the result of an increase in exports of services (17.0%), partly offset by a contraction in exports of goods (-6.0%).
30 June 2026
