Quarterly National Accounts - 4th Quarter 2022
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 fourth quarter of 2022 over the corresponding quarter of 2021 is estimated at 8.3%. The growth is mainly due to:
(i)
| “Accommodation and food service activities" (4.3 percentage points); |
(ii)
|
“Manufacturing" (1.7 percentage points);
|
(iii)
| “Financial and insurance activities" (0.7 percentage point);
|
(iv)
| “Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.5 percentage point);
|
(v)
| “Agriculture, forestry and fishing" (0.4 percentage point);
|
(vi)
| “Public administration, and defence; compulsory social security" (0.3 percentage point);
|
(vii)
| “Information and communication" (0.2 percentage point); and
|
(viii)
| “Human health and social work activities" (0.2 percentage point). |
-
- Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 1.4% in the fourth 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 3.6%.
4. Investment (Gross fixed capital formation) further went down by 0.1% after that of 0.3% observed in the previous quarter. The 0.1% contraction resulted from a decline in “Building and construction work" (-6.2%), partly offset by an increase in “Machinery and equipment" (13.8%).
5. Exports of goods and services went up by 28.3%, after that of 40.4% registered in the previous quarter. The growth of 28.3% was due to increases in exports of goods (9.7%) and exports of services (38.0%).
31 March 2023
