Quarterly National Accounts – 3rd 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 third quarter of 2024 over the corresponding quarter of 2023 is estimated at 5.2%. The growth is mainly due to:
(i)
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“Construction" (1.1 percentage points);
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(ii)
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“Agriculture, forestry and fishing" (0.5 percentage point);
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(iii)
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“Financial and insurance activities" (0.5 percentage point);
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(iv)
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“Wholesale and retail trade; repair of motor vehicles and motorcycles" (0.4 percentage point);
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(v)
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“Accommodation and food service activities" (0.4 percentage point);
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(vi)
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“Human health and social work activities" (0.4 percentage point);
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(vii)
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“Manufacturing" (0.3 percentage point);
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(viii)
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“Transport and storage" (0.3 percentage point); and
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Quarterly growth rates of components of expenditure
3. Total final consumption expenditure in real terms increased by 3.0% in the third quarter of 2024 when compared to the corresponding quarter of 2023. Final consumption expenditure of households increased by 2.0% and that of general government by 8.3%.
4. Investment (Gross fixed capital formation) went up by 15.7% after the growth of 22.1% observed in the previous quarter. The 15.7% increase is the combined effect of increases in “Building and construction work" (17.4%) and “Machinery and equipment" (12.7%).
5. Exports of goods and services increased by 4.3%, following that of 11.9% observed in the previous quarter. The increase of 4.3% was due to increases in exports of goods (3.8%) and exports of services (4.3%).
20 December 2024
