The Gross Domestic Product (GDP) for the third quarter of 2017 amounted to €2,829.6 million, an increase of €249.6 million or 9.7 per cent when compared to the corresponding period last year, according to the National Statistics Office (NSO). In real terms, GDP went up by 7.2 per cent.
During the third quarter of 2017, Gross Value Added (GVA) increased by €186.3 million when compared to the same quarter last year. This was mainly generated by professional, scientifi c and technical activities; administrative and support service activities which increased by €48.5 million or 16.0 per cent; wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities which increased by €48.5 million or 9.5 per cent and public administration and defence; compulsory social security; education; human health and social work activities which increased by €31.2 million or 8.0 per cent.
Real estate activities registered a slight drop, due to an enterprise reclassification.
During the third quarter of 2017, total final consumption expenditure in nominal terms increased by 7.6 per cent. This was mainly due to an increase of 18.1 per cent in government final consumption expenditure and an increase of 4.4 per cent in household final consumption expenditure when compared to the same quarter last year. In real terms, total final consumption expenditure increased by 6.7 per cent, and is explained by an increase of 15.8 per cent in government final consumption expenditure and an increase of 4.0 per cent in household final consumption expenditure when compared to the same quarter last year.
Gross fixed capital formation which measures investment, increased by 1.5 per cent in nominal prices but decreased by 2.4 per cent in real terms. Exports of goods and services increased by 3.0 per cent in nominal terms and decreased by 1.3 per cent in real terms. Imports of goods and services remained broadly stable in nominal terms and decreased by 4.4 per cent in real terms.
The €249.6 million increase in GDP is estimated to have been distributed into a €60.9 million increase in compensation of employees, a €115.3 million increase in gross operating surplus of enterprises, and a €73.5 million increase in net taxation on production and imports.