GDP growth at 2.2 per cent, dampened by oil prices

The Gross Domestic Product between last July and September has grown by 2.2 per cent in real terms, when compared to the same quarter last year.

The National Statistics Office said growth in value added was generated primarily by remote gaming activities, real estate, renting and business activities, transport, storage and communication, wholesale and retail trade, health, financial intermediation and public administration. On the other hand, drops in value added were registered in the manufacturing sector, particularly that relating to electrical and optical equipment, chemicals and chemical products, and electricity and water supply.

Rising oil prices also dampened growth in most economic activities, according to the NSO. Total final consumption expenditure rose by 7.3 per cent, mainly because of private household expenditure. Gross fixed capital formation at constant prices also fell by 7.1 per cent. The NSO said real exports and imports also decreased.

The annual increase in GDP at current prices, amounting to €65.5 million, is estimated to have been distributed into a €19.6 million rise in compensation of employees and a €45.9 million increase in gross operating surplus of enterprises.

Considering the effects of income and taxation paid and received by residents to and from the rest of the world, the NSO said, Gross National Income at market prices is estimated at €1,444.1 million for the third quarter, up by 3.7 per cent over last year.