Quarterly National Accounts - 2nd Quarter 2026
Highights
Quarterly GVA
1. This publication comprises a set of revised quarterly estimates for the period first quarter of 2022 to first quarter 2026 based on data obtained from the Census of Economic Activities (CEA) conducted in 2023. The estimates in this issue are therefore not strictly comparable with figures published in previous quarterly national accounts publications which were based on the previous round of the CEA conducted in 2018. Furthermore, the revision exercise brought other improvements in the estimation process and coverage of economic activities in addition to enhancements in the compilation of GBC estimates and the incorporation of the recommendations of the latest 2025 Systems of National Accounts (SNA) in a phased manner.
2. 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
3. GVA growth rate for the second quarter of 2026 over the corresponding quarter of 2025 is estimated at 4.2%. The growth is mainly due to:
(i)
| “Human health and social work activities" (0.8 percentage point);
|
(ii)
| “Financial and insurance activities" (0.5 percentage point);
|
(iii)
| “Public administration and defence compulsory social security" (0.5 percentage point);
|
(iv)
| “Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.4 percentage point);
|
(v)
| “Education" (0.4 percentage point);
|
(vi)
| “Transport and storage" (0.3 percentage point);
|
(vii)
| “Agriculture, forestry and fishing" (0.2 percentage point);
|
(viii)
| “Manufacturing" (0.2 percentage point);
|
(ix)
| “Information and communication" (0.2 percentage point); and
|
(x)
| “Professional, scientific and technical activities" (0.2 percentage point).
|
- Quarterly growth rates of components of expenditure
4. Total final consumption expenditure in real terms increased by 3.5% in the second quarter of 2026 when compared to the corresponding quarter of 2025. Final consumption expenditure of households increased by 2.2% and that of general government by 9.6%.
5. Investment (Gross Fixed Capital Formation) contracted by 9.7%, compared to the growth of 6.1% recorded in the previous quarter. The 9.7% decline was the result of the combined decreases in “Building and construction work" (-3.7%) and “Machinery and equipment" (-16.8%).
6. Exports of goods and services increased by 2.6%, after that of 9.4% recorded in the previous quarter. This 2.6% increase was the result of an increase in exports of services (8.0%), partly offset by a contraction in exports of goods (-1.5%).
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30 September 2026
