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Quarterly National Accounts – 3rd Quarter 2022
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 third quarter of 2022 over the corresponding quarter of 2021 is estimated at 8.6%. The growth is mainly due to: (i) “Accommodation and food service activities" (5.1 percentage points);
(ii) “Manufacturing" (1.0 percentage point);
(iii) “Financial and insurance activities" (0.8 percentage point);
(iv) “Public administration, and defence; compulsory social security" (0.3 percentage point);
(v) “Human health and social work activities" (0.3 percentage point);
(vi) “Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.2 percentage point);
(vii) “Information and communication" (0.2 percentage point); and
(viii) “Professional, scientific and technical activities" (0.2 percentage point).
3. Total final consumption expenditure in real terms increased by 1.5% in the third quarter of 2022 when compared to the corresponding quarter of 2021. Final consumption expenditure of households increased by 1.0% and that of general government by 3.5%.
4. Investment (Gross fixed capital formation) increased by 0.4% after the growth of 35.0% observed in the previous quarter. The 0.4% growth resulted from an increase in “Machinery and equipment" (8.1%), partly offset by contraction in “Building and construction work" (-3.4%).
5. Exports of goods and services increased by 45.1% compared to that of 61.7% observed in the previous quarter. The 45.1% increase is due increases in exports of goods (14.5%) and export of services (65.1%).