The Gross Domestic Product (GDP) grew by 3.5 percent in real terms in the first quarter this year,
when compared to the same period last year, the NSO said today.

The growth rate was 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.

The NSO said growth in value added was generated primarily by 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.

There were drops in value added 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, the NSO said.

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