​Quarterly National Accounts - 3rd 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 third quarter of 2021 over the corresponding quarter of 2020 is estimated at 5.6%. The growth is mainly due to:
a) “Manufacturing” (1.3 percentage points);
b) “Accommodation and food service activities” (0.8 percentage point);
c) “Construction” (0.7 percentage point);
d) “Financial and insurance activities” (0.6 percentage point);
e) “Agriculture, forestry and fishing” (0.4 percentage point);
f) “Wholesale and retail trade; repair of motor vehicles and motor cycles” (0.4 percentage point) and 
g) “Human health and social work activities” (0.4 percentage point).

Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms further increased by 3.0% in the third quarter of 2021 compared to that of 11.7% in the previous quarter. Final consumption expenditure of households grew by 2.8% and that of general government by 3.8%.

4. Investment (Gross fixed capital formation) increased by 4.4% after that of 121.3% observed in the second quarter of 2021. The 4.4% increase resulted from increases in “Building and construction work” (5.8%) and “Machinery and equipment” (1.6%).

5. Exports of goods and services increased 5.1% compared to that of 25.4% observed in the previous quarter. The 5.1% increase is due to an increases in exports of goods (1.7%) and in export of services (10.1%). 

Quarter-to-quarter GVA growth (based on seasonally adjusted GVA)
Based on seasonally adjusted data, quarter to quarter GVA registered a growth of 12.1% in the third quarter of 2021 compared to a contraction of 11.1% in the previous quarter.


23 December 2021