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Quarter National Accounts - 2nd Quarter 2023


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 second quarter of 2023 over the corresponding quarter of 2022 is estimated at 6.0%. The growth is mainly due to:

“Accommodation and food service activities" (1.9 percentage points);
​“Transport and storage" (0.7 percentage point);
​“Financial and insurance activities" (0.7 percentage point);
​ “Manufacturing" (0.6 percentage point);
​“Construction" (0.6 percentage point);
​“Professional, scientific and technical activities" (0.5 percentage point);
​“Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.3 percentage point); and
​“Administrative and support service activities" (0.3 percentage point).
  2.  Quarterly growth rates of components of expenditure

3.   Total final consumption expenditure in real terms increased by 1.9% in the second quarter of 2023 when compared to the corresponding quarter of 2022. Final consumption expenditure of households increased by 3.2% and that of general government contracted by 2.5%.

4.   Investment (Gross fixed capital formation) went up by 10.5% after the growth of 8.7% observed in the previous quarter. The 10.5% increase resulted from increases in “Building and construction work" (13.9%) and “Machinery and equipment" (7.3%). 

5.       Exports of goods and services went up by 2.4%, after that of 15.4% registered in the previous quarter. The growth of 2.4% was due to increases in exports of services (12.7%), partly offset by decreases in exports of goods (20.9%).

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​ 29 September 2023