The Gross Domestic Product (GDP) grew by 3.5 per cent in real terms in the whole of last year, the NSO said this morning.

It said GDP amounted to €7,961.5 million, an increase of 5.2 per cent
when compared to 2013, and of 3.5 per cent in real terms.
 
The production approach
During 2014, growth in gross value added was mainly generated by public administration and defence; education; human health and social work activities; professional, scientific and technical activities; administrative and support service activities; wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities.

Drops were registered in fi nancial and insurance activities, manufacturing
and agriculture and fishing.

The expenditure approach
In 2014, total final consumption expenditure in nominal terms increased by 4.8 per cent when compared to 2013. In real terms, the increase stood at 4.4 per cent. Gross fixed capital formation increased by €179.9 million in nominal prices and by 14.0 per cent in real terms.

Real exports decreased and real imports increased.

The income approach
Compared to 2013, GDP at current prices went up by €390.1 million, with an increase of €187.1 million in compensation of employees, a €120.8 million increase in gross operating surplus of enterprises, and an €82.2 million increase in net taxation on production and import.

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 2014 was estimated at €7,628.7 million, the NSO said.