Quarterly National Accounts - 2nd Quarter 2022
Highlights
Quarterly GVA
1. Throughout the period 2018 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 2022 over the corresponding quarter of 2021 is estimated at 17.9%. The growth is mainly due to:
(i) “Accommodation and food service activities" (7.0 percentage points);
(ii) “Arts, entertainment and recreation" (2.2 percentage points);
(iii) “Manufacturing" (1.8 percentage points);
(iv) “Professional, scientific and technical activities" (1.6 percentage points);
(v) “Construction" (1.2 percentage points);
(vi) “Administrative and support service activities" (1.2 percentage points);
(vii) “Financial and insurance activities" (0.6 percentage point);
(viii) “Transport and storage" (0.5 percentage point); and
(ix)
“Human health and social work activities" (0.5 percentage point).
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Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms further increased by 10.7% in the second quarter of 2022 after that of 3.7% observed in the previous quarter. Final consumption expenditure of households grew by 13.1% and that of general government by 4.4%
4. Investment (Gross fixed capital formation) increased by 35.1% after that of 5.3% observed in the first quarter of 2022. The 35.1% increase resulted from increases in “Building and construction work" (27.9%) and “Machinery and equipment" (45.3%).
5. Exports of goods and services increased by 36.9% compared to that of 25.8% observed in the previous quarter. The 36.9% increase is due increases in exports of goods (19.0%) and export of services (50.1%).
30 September 2022
