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NEWS | Wednesday, 11 June 2008

NSO registers slower growth rate for Jan-March quarter

Charlot Zahra

Provisional estimates issued by the National Statistics Office (NSO) on Monday indicate that the Gross Domestic Product (GDP) for the first quarter this year, when compared to the same period last year, increased by 3.5 per cent in real terms and 6.2 per cent at market prices.
GDP stood at €1,312.6 million at current prices and €1,072.2 million at constant prices.
This was the lowest GDP rate registered during the last four quarters, with 3.6 per cent registered in Q4 2007, 4.0 per cent registered in Q3 2007, and 3.8 per cent registered in Q2 2007.
Growth in value added was generated primarily by the following industries: remote gaming activities; real estate, renting and business activities; transport, storage and communication; hotels and restaurants; wholesale and retail trade; public administration, education and health.
Small increases were also registered in agriculture and fishing activities. Drops in value added were registered in the manufacturing sector, in particular the manufacturing of textiles, leather, electrical equipment and toys; financial intermediation, due to increases in operating costs; and in electricity and water supply.
Rising international oil and food prices dampened growth in most economic activities.
Total final consumption expenditure went up by 4.6 per cent, driven mainly by general government expenditure. Gross fixed capital formation at constant prices declined by 5.4 per cent.
There was a positive change in the stock component under ‘changes in inventories’. However, real exports and imports of goods and services went down.
The annual increase in GDP at current prices, amounting to €76.5 million, is estimated to have been distributed into a €38.6 million rise in compensation of employees, a €51.3 million increase in gross operating surplus of enterprises, and a €13.4 million decline in net taxation on production and imports.
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 €1,305.6 million for the first quarter, up by 10.8 per cent over the same quarter last year.

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11 June 2008
ISSUE NO. 539


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