Quarterly National Accounts - 4th Quarter 2024
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 2024 over the corresponding quarter of 2023 is estimated at 4.5%. The growth is mainly due to:
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(i) “Public administration and defence; compulsory social security" (0.7 percentage point);
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(ii) “Financial and insurance activities" (0.6 percentage point);
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(iii) “Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.5 percentage point);
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(iv) “Construction" (0.3 percentage point);
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(v) “Transport and storage" (0.3 percentage point);
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(vi) “Accommodation and food service activities" (0.3 percentage point);
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(vii) “Education" (0.3 percentage point); and
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(viii) “Human health and social work activities" (0.3 percentage point).
Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 4.0% in the fourth quarter of 2024 when compared to the corresponding quarter of 2023. Final consumption expenditure of households increased by 2.8% and that of general government by 10.8%.
4. Investment (Gross Fixed Capital Formation) contracted by 1.9%, in contrast to the 3.7% growth recorded in the previous quarter. This decline was driven by a 14.6% decrease in "Machinery and equipment", which outweighed the 6.3% increase in "Building and construction work".
5. Exports of goods and services decreased by 0.7%, contrasting with the 2.1% growth recorded in the previous quarter. This reduction was mainly due to a 2.4% drop in goods exports, partially offset by a 1.3% increase in exports of services.
28 March 2025
