GDP rose by 2.3% in real terms in the first three months of the year, the NSO said today.

It said that Gross Domestic Product for the first three months of the year amounted to €1,545.3 million, an increase of five per cent in nominal terms compared to the corresponding period last year. Growth in the first quarter of 2010 was  7.2%.

The NSO said that, in real terms, GDP went up by 2.3 per cent. Growth was  3.7% in the first quarter of 2010 and averaged 3.2% in the whole of 2010. In the last quarter of 2010 i was 3.2%.

During the period under review, growth in value added was generated by hotels and restaurants; wholesale and retail trade; sub-sectors of manufacturing; transport, storage and communication; real estate, renting and business activities; mining and quarrying; education and health; other community, social and personal service activities and agriculture and fishing.

The value added of financial intermediation, construction and public administration remained practically unchanged while a drop was registered in the electricity, gas and water supply sector. 

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

Gross fixed capital formation at constant prices declined by 12.5 per cent. Real exports and real imports experienced increases.

The annual change in GDP at current prices, amounting to €73.1 million, is estimated to have been distributed into a €22.3 million increase in compensation of employees, a €47.2 million rise in gross operating surplus of enterprises, and a €3.5 million increase in net taxation on production and imports.

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 the first quarter this year is estimated at €1,386.2 million.