Provisional estimates indicate that the Gross Domestic Product (GDP) for the first quarter of 2015 amounted to €1,947.1 million, an increase of 6.0 per cent over the corresponding period last year. In real terms, GDP went up by 4.0 per cent, the NSO said.

The production approach

During the first quarter, growth in gross value added was generated by Public Administration and Defence, Education, Human Health and Social Work Activities which increased by 6.3 per cent; Professional, Scientific and Technical Activities, Administrative and Support Service

Activities which increased by 11.2 per cent; Financial and Insurance Activities which increased by 11.9 per cent; Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles, Transportation and Storage, Accommodation and Food Service Activities which increased by 3.9 per cent. Drops were registered in manufacturing which decreased by 6.0 per cent.

The expenditure approach

Total final consumption expenditure in nominal terms increased by 3.2 per cent. In real terms, total final consumption expenditure increased by 2.7 per cent. Gross fixed capital formation decreased by €65.9 million in nominal prices and decreased by 18.3 per cent in real terms. Real exports and real imports decreased.

The income approach

Compared to the corresponding quarter last year, GDP at current prices went up by €110.9 million, and is estimated to have been distributed into a €36.3 million increase in compensation of employees, a €46.7million increase in gross operating surplus of enterprises, and a €27.9 million increase 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 for the fi rst quarter is estimated at €1,899.6 million.