The Gross Domestic Product for last year amounted to €6.4 billion, an increase of 4.4 per cent over 2010, according to statistics published by the NSO.

The National Statistics Office said that in real terms, GDP went up by 2.1 per cent.

Growth in gross value added was generated by financial and insurance activities; information and communication; professional, scientific and technical activities; arts, entertainment and recreation, repair of household goods and other services; wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities; manufacturing; public administration and defence; compulsory social security; education; human health and social work activities; agriculture, forestry and fishing and real estate.

A drop in gross value added was registered in the construction, electricity, gas, steam and air conditioning supply, and water supply activities.

Against the backdrop of a faster growth rate in the previous three quarters, provisional estimates indicate that GDP growth for the last quarter stood at 1.8 per cent at current prices and -0.1 per cent in real terms.

The Expenditure Approach

Total final consumption expenditure in nominal terms increased by 4.2 per cent and by 3.3 per cent in real terms.

Gross fixed capital formation fell by 11.6 per cent at nominal prices and 13.4 per cent in real prices. Real exports edged up and real imports declined.

The Income Approach

The annual change in GDP at current prices, amounting to €270 million, is estimated to have been distributed into a €84.7 million increase in compensation of employees, a €114.5 million rise in gross operating surplus of enterprises, and a €70.8 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 at market prices for 2011 is estimated at €5.8 billion.