GDP contracts by 2.1% 

Provisional estimates indicate that the Gross Domestic Product (GDP) edged up by 0.3 per cent in the third quarter of 2009, compared to the corresponding period last year. In real terms, GDP contracted by 2.1 per cent.



The Production Approach

Growth in value added was registered in the following economic activities: electricity, gas and water supply; financial intermediation; health; other community services; public administration; real estate, renting and business activities; agriculture; mining and quarrying; education and fishing.

Drops in value added were registered in the manufacturing sector; hotels and restaurants; transport, storage and communication; wholesale and retail trade; and construction.



The Expenditure Approach

The measurement of GDP through the expenditure approach indicates that GDP at constant prices declined by 2.1 per cent. Total final consumption expenditure in real terms

increased by 0.6 per cent. Gross fixed capital formation at constant prices went up by 2.2 per

cent. Real exports and real imports experienced declines.



The Income Approach

The rise in GDP at current prices amounted to e3.9 million. A e15.4 million rise in gross operating surplus of enterprises was however offset by a e4.4 million decline in compensation of employees, and a e7.1 million drop 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 (GNI) at market prices for the third quarter of the year is estimated at e1,420.5 million.

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