​​Quarterly National Accounts - 4th Quarter 2021



Quarterly GVA

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 fourth quarter of 2021 over the corresponding quarter of 2020 is estimated at 7.2%. The growth is mainly due to:

  1. a) “Accommodation and food service activities" (3.5 percentage points);
  2. b) “Financial and insurance activities" (0.7 percentage point);
  3. c) “Construction" (0.5 percentage point);
  4. d) “Agriculture, forestry and fishing" (0.4 percentage point);
  5. e) “Wholesale and retail trade; repair of motor vehicles and motor cycles" (0.4 percentage point);
  6. f) “Information and communication" (0.4 percentage point);
  7. g) “Human health and social work activities" (0.4 percentage point) and
  8. h) ​“Art, entertainment and recreation" (0.4 percentage point).

Quarterly growth rates of components of expenditure

3.      Total final consumption expenditure in real terms further increased by 1.7% in the fourth quarter of 2021, same as that observed in the previous quarter. Final consumption expenditure of households grew by 2.2% while that of general government contracted by 1.1%.


4.      Investment (Gross fixed capital formation) increased by 1.1% after that of 6.3% observed in the third quarter of 2021. The 1.1% increase resulted from an increase in “Building and construction work" (1.1%), partly offset by a contraction in “Machinery and equipment" (-0.5%).


5.        Exports of goods and services increased 54.6% compared to that of 5.8% observed in the previous quarter. The 54.6% increase is due to an increases in exports of goods (9.4%) and in export of services (122.8%).



Quarter-to-quarter GVA growth (based on seasonally adjusted GVA)

Based on seasonally adjusted data, quarter to quarter GVA registered a growth of 4.8% in the fourth quarter of 2021 compared to that of 12.3% in the previous quarter.



31 March 2022​