NEWS | Wednesday, 12 March 2008

GDP for 2007 at 3.8%

Provisional estimates indicate that the Gross Domestic Product (GDP) for 2007 reached €5.4 billion (Lm2.3 billion), an increase of 6.1 per cent when compared to 2006.
Output exceeded the €10 billion mark. In real terms GDP grew by 3.8 per cent. Gross National Income at market prices went up by 8.1 per cent.
The statistics were released by the National Statistics Office.
During 2007 growth in value added was generated primarily by service activities: remote gaming activities; real estate, renting and business activities; transport, storage and communication; hotels and restaurants; public administration and health. Increases were also registered in manufacturing, in particular the manufacture of chemicals and chemical products. Declines were registered in agriculture, electricity and water supply, due to rising oil prices, and in financial intermediation, in particular international banking institutions’, due to increases in other operating expenses.
In expenditure approach mode, GDP at constant prices went up by 3.8 per cent. Total final consumption expenditure by households, by Non-Profit Institutions Serving Households (NPISHs) and by General Government went up by 2.3 per cent. Gross fixed capital formation at constant prices remained practically unchanged. Real exports and real imports of goods and services went down.
The Income Approach registered an annual increase in GDP at current prices, amounting to €310.8 million (Lm133.4 million), is estimated to have been distributed into a €95.3 million (Lm40.9 million) rise in compensation of employees, a €191.5 million (Lm82.2 million) increase in gross operating surpluses of enterprises, and a €24.0 million (Lm10.3 million) addition 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 (GNI) at market prices is estimated at €5.2 billion (Lm2.2 billion), up by 8.1 per cent over 2006.