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Gross Domestic Product up 1.7% in real terms

The Gross Domestic Product for this year’s second quarter amounted to €1,747.4 million, an increase of 3.4 per cent compared to the same period last year, according to provisional figures published by the National Statistics Office. In real terms, the GDP went up by 1.7 per cent.

The NSO said that growth in gross value added was primarily generated by electricity and water supply; public administration, education and health activities; professional, scientific and technical activities; financial and insurance activities; and information and communication services.

Other growth industries included accommodation and food service activities; manufacturing; air transport; and agriculture.

A decline in gross value added was registered in arts, entertainment and recreation; repair of household goods and similar services; and construction.

Total final consumption expenditure in nominal terms increased by 2.5 per cent. In real terms, total final consumption expenditure edged down by 0.4 per cent. Gross fixed capital formation decreased in nominal prices and in real terms.

Real imports and exports declined by 14.8 per cent and eight per cent, respectively.

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