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  • National accounts Economic growth, first quarter 2016


    Key findings for the first quarter of 2016 

    In the first quarter of 2016, real Gross Domestic Product (GDP) at market prices seasonally adjusted increased by 1,0 per cent year-on-year (as compared the same quarter of previous year 2015). At the same time, the seasonally adjusted real GDP at market prices increased by 0,4 per cent quarter-on-quarter (compared to the previous quarter).

    The most notable performances of industries in the first quarter of 2016 compared with the first quarter of 2015 were as follows:

    Economic activity in the manufacturing industry posted positive growth of 1,4 per cent due to a significant increase in the chemical industries (seasonally adjusted  production expanded by a year-on-year % change of 28,6), followed by quarrying, non metallic mineral and glass products division which increased by 4,2%. In contrast, the food and beverages division decreased by 11,0% in the first quarter 2016 resulting from a more moderate olive oil campaign compared to 2015;

    The non manufacturing industry showed mixed performances (-0,9%). Total value added in the oil and gas industry decreased by 12,6 per cent, while mining industry reflected positive annual growth  of 24,8 per cent.

    In the tertiary, economic activity increased by 1,0%. Telecommunication industry and activities in financial markets and the banking sector reported positive growth of respectively 5,1 and 3,8 per cent. While in the catering and accommodation industry, annual growth reflected a less acute decline of -12,0 per cent (compared to -18,4 per cent in the fourth quarter 2015); 

    Economic activity in the agriculture, forestry and fishing industry reflected negative growth of 2,5 per cent due to lower production of olives (-60%).

    GDP and value added by sectors