Figures released by the National Statistics Office (NSO) earlier this week outline an increase in Gross Value Added (GVA) by €186.7 million during the first quarter of 2019.
The NSO defines the GVA as "the net result of output valued at basic prices less intermediate consumption valued at purchaser's prices". In more straightforward terms, the GVA is essentially a balancing item in the national accounts' production account, while the sum of GVA over all industries or sectors plus taxes on products less subsidies on products gives the Gross Domestic Product (GDP) of a nation.
Onto the main sectors contributing to the added GVA, the NSO said it "was mainly generated by professional, scientific and technical activities," along with several other sectors. Administrative and support service activities' GVA increased by €42.9 million or 11.6 per cent; arts, entertainment and recreation, repair of household goods and other services increased by €35.7 million or 9.0 per cent; public administration and defence, compulsory social security, education, human health and social work activities increased by €29.1 million or 6.4 per cent, and wholesale are retail trade, transportation and storage, accommodation and food service which increased by €24.5 million or 5.0 per cent. A slight drop was registered in the agricultural and fishing industries.
The NSO also included provisional estimates for GDP figures for the first quarter of 2019, calculated to be at €3,092.0 million, an increase of €213.8 million or 7.4 per cent when compared to the corresponding period last year. In volume terms, GDP went up by 4.9 per cent, it noted.