Quarterly National Accounts – 2nd Quarter 2024
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 second quarter of 2024 over the corresponding quarter of 2023 is estimated at 7.8%. The growth is mainly due to:
(i)
| “Construction" (3.4 percentage points);
|
(ii)
| “Financial and insurance activities" (0.7 percentage point);
|
(iii)
| “Accommodation and food service activities" (0.5 percentage point);
|
(iv)
| “Manufacturing" (0.4 percentage point);
|
(v)
| “Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.4 percentage point);
|
(vi)
| “Professional, scientific and technical activities" (0.4 percentage point);
|
(vii)
| “Agriculture, forestry and fishing" (0.3 percentage point);
|
(viii)
| “Information and communication" (0.3 percentage point);
|
(ix)
| “Real estate activities" (0.3 percentage point); and
|
(x)
| “Public administration and defence; compulsory social security" (0.3 percentage point).
|
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 5.4% in the second quarter of 2024 when compared to the corresponding quarter of 2023. Final consumption expenditure of households increased by 6.7% and that of general government by 0.7%.
4. Investment (Gross fixed capital formation) went up by 33.8% after the growth of 33.7% observed in the previous quarter. The 33.8% increase resulted from an increase in “Building and construction work" (54.1%), partly offset by a contraction in “Machinery and equipment" (-0.2%).
5. Exports of goods and services increased by 10.4%, following that of 4.4% observed in the previous quarter. The increase of 10.4% was due to increases in exports of goods (12.5%) and exports of services (7.5%).
30 September 2024
