Provisional estimates indicate that the Gross Domestic Product (GDP) for the second quarter this year, when compared to the same period last year, increased by six per cent at market prices and by 3.7 per cent in real terms, the National Statistics Office reported yesterday. GDP stood at Lm571.8 million (EUR1,332 million) at current prices and Lm470.2 million (EUR1,095.3 million) at constant prices.

The production approach

Growth in value added was generated primarily by construction, transport and communication, financial intermediation, real estate, renting and business activities, public administration and other community activities, in particular, remote gaming. Increases were also registered in agriculture, electricity and water supply, wholesale and retail trade, hotels and restaurants, education and health. Value added declined in the manufacturing and fishing industries.

The expenditure approach

This approach indicates that GDP at constant prices went up by 3.6 per cent.

Total final consumption expenditure by households, by Non-Profit Institutions Serving Households (NPISHs) and by general government went up by 4.5 per cent. Gross fixed capital formation at constant prices went up by 1.2 per cent. Real exports and real imports of goods and services declined.

The income approach

The annual increase in GDP at current prices, amounting to Lm32.5 million, is estimated to have been distributed into a Lm9.6 million rise in compensation of employees, a Lm21.1 million increase in gross operating surpluses of enterprises, and a Lm1.8 million growth in net taxation on production and imports.

Gross national income

Considering the effects of income and taxation paid and received by residents to and from the rest of the world, Gross National Income (GNI) at market prices is estimated at Lm554.6 million (EUR1,291.8 million), up from Lm523.7 million (EUR1,219.9 million) in the same quarter last year.