Quarterly National Accounts - 3rd Quarter 2023
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 third quarter of 2023 over the corresponding quarter of 2022 is estimated at 4.9%. The growth is mainly due to:
(i)
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“Construction" (1.7 percentage points);
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(ii)
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“Accommodation and food service activities" (1.0 percentage point);
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(iii)
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“Agriculture, forestry and fishing" (0.4 percentage point);
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(iv)
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“Transportation and storage" (0.4 percentage point);
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(v)
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“Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.3 percentage point);
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(vi)
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“Information and communication" (0.2 percentage point);
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(vii)
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“Financial and insurance activities" (0.2 percentage point);
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(viii)
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“Professional, scientific and technical activities" (0.2 percentage point); and
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(ix)
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“Art, entertainment and recreation" (0.2 percentage point).
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Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 2.2% in the third quarter of 2023 when compared to the corresponding quarter of 2022. Final consumption expenditure of households increased by 3.1% and that of general government contracted by 1.6%.
4. Investment (Gross fixed capital formation) went up by 23.1% after the growth of 10.7% observed in the previous quarter. The 23.1% increase resulted from increases in “Building and construction work" (28.9%) and “Machinery and equipment" (10.9%).
5. Exports of goods and services further contracted by 0.2%, same as that observed in the previous quarter. The decrease of 0.2% was due to decreases in exports of goods (-12.4%), partly offset by increases in exports of services (3.8%).
