​Quarterly National Accounts - 2nd Quarter 2021

Quarterly GVA

1.        Throughout the period 2017 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

2.        GVA growth rate for the second quarter of 2021 over the corresponding quarter of 2020 is estimated at 19.3%. The growth is mainly due to:

​“Manufacturing" (5.2 percentage points​​​);
  1. “Construction" (3.9 percentage points);
  1. “Wholesale and retail trade; repair of motor vehicles and motor cycles" (3.7 percentage points);
  1. “Transportation and storage" (2.3 percentage points); 
  1. “Professional, scientific and technical activities" (0.7 percentage point) and
  1. “Information and communication" (0.6 percentage point).


Quarterly growth rates of components of expenditure

3.      Total final consumption expenditure in real terms further increased by 20.2% in the second quarter of 2021 compared to a contraction of 4.1% in the previous quarter. Final consumption expenditure of households grew by 30.1% while that of general government declined by 3.7%.


4.      Investment (Gross fixed capital formation) increased by 123.2% compared to a contraction of 1.7% observed in the first quarter of 2021. The 123.2% increase resulted from increases in “Building and construction work" (320.3%) and “Machinery and equipment" (37.9%).


5.        Exports of goods and services increased 20.3% as opposed to the contraction of 45.5% observed in the previous quarter. The 20.3% increase is due to an increase of 52.6% in exports of goods, partly offset by a decline of 10.3% in export of services.


​Quarter-to-quarter GVA growth (based on seasonally adjusted GVA)

Based on seasonally adjusted data, quarter to quarter GVA registered a contraction of 9.0% in the second quarter of 2021 compared to a growth of 0.8% in the previous quarter.


30 September 2021