Quarterly National Accounts – 4th Quarter 2025
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 2025 over the corresponding quarter of 2024 is estimated at 3.1%. The growth is mainly due to:
(i)
| “Financial and insurance activities" (0.7 percentage point);
|
(ii)
| “Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.6 percentage point);
|
(iii)
| “Accommodation and food service activities" (0.4 percentage point);
|
(iv)
| “Transport and storage" (0.3 percentage point);
|
(v)
| - “Agriculture, forestry and fishing" (0.2 percentage point);
|
(vi)
| “Manufacturing" (0.2 percentage point);
|
(vii)
| “Information and communication" (0.2 percentage point);
|
(viii)
| “Professional, scientific and technical activities" (0.2 percentage point); and
|
(ix)
| “Arts, entertainment and recreation" (0.2 percentage point).
|
- Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 1.1% in the fourth quarter of 2025 when compared to the corresponding quarter of 2024. Final consumption expenditure of households increased by 1.4% and that of general government contracted by 0.6%.
4. Investment (Gross Fixed Capital Formation) further contracted by 1.8%, after the decline of 0.9% recorded in the previous quarter. The 1.8% decline was the result of a decrease in “Machinery and equipment" (-6.2%), partly offset by an increase in "Building and construction work" (0.5%).
5. Exports of goods and services increased by 9.0%, following that of 6.5% recorded in the previous quarter. This increase was mainly due to increases in exports of goods (0.3%) and exports of services (9.9%).
31 March 2026
