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Gross Domestic Product: 2022

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NSO Gross Domestic Product 2022Provisional estimates indicate that the Gross Domestic Product (GDP) for 2022 amounted to €16,870.3 million, registering an increase of €1,868.4 million, or 12.5 per cent, when compared to 2021. In volume terms, GDP rose by 6.9 per cent.

The production approach

During 2022, Gross Value Added (GVA) rose by 13.7 per cent in nominal terms and 8.1 per cent in volume terms, when compared to 2021.

The drivers behind this 8.1 per cent growth were Service activities (NACE Sections G to U), Industry (NACE Sections B to E) and Agriculture and fishing (NACE Section A), with a contribution of 7.7 percentage points, 0.7 percentage points and 0.1 percentage points, respectively. Conversely, Construction (NACE Section F) had a negative contribution of 0.3 percentage points. Compared to last year, Service activities increased by 9.0 per cent, Industry by 7.6 per cent and Agriculture and fishing by 8.5 per cent in volume terms, whereas Construction dropped by 7.0 per cent.

The increase in Service activities was mainly driven by the following sectors: Accommodation and food service activities (81.4 per cent), Transportation and storage (23.3 per cent), Administrative and support services activities (15.8 per cent), Information and communication (7.9 per cent), and Wholesale and retail trade; repair of motor vehicles and motorcycles (7.7 per cent)1. Net taxes on products contributed negatively towards GDP growth, with a decrease of 5.9 per cent in volume terms (Tables 1a and 1b).


The expenditure approach

The expenditure approach is another method used to calculate GDP and is derived by adding Final consumption expenditure of Households, General government, and Non-Profit Institutions Serving Households (NPISHs), Gross capital formation and Net exports.

The contribution of domestic demand to the year-on-year GDP growth rate in volume terms was of 10.9 percentage points, of which 4.7 were due to Final consumption expenditure and 6.1 to Gross capital formation. External demand registered a negative contribution of 4.0 percentage points, with 10.8 percentage points attributable to exports and 14.8 percentage points explained by imports.

In 2022, Final consumption expenditure witnessed an increase of 7.6 per cent in volume terms. This was the result of increases in Household expenditure, Government expenditure and NPISHs expenditure by 10.3 per cent, 2.4 per cent and 3.7 per cent, respectively. Gross fixed capital formation rose by 30.4 per cent in volume terms. This increase was mainly attributable to investment in Transport equipment. 

Exports and imports of goods and services in volume terms rose by 6.4 per cent and 9.7 per cent, respectively (Tables 2a and 2b).


The income approach

The third approach to measure economic activity is the income approach, which shows how GDP is distributed among compensation of employees, operating surplus of enterprises and taxes on production and imports net of subsidies.

Compared to 2021, the €1,868.4 million increase in nominal GDP was the result of a €643.9 million increase in Compensation of employees, a €1,172.2 million rise in Gross operating surplus and mixed income, and an increase of €52.2 million in Net taxation on production and imports (Table 3).


Gross National Income (GNI)

GNI differs from the GDP measure in terms of net compensation receipts, net property income receivable and net taxes receivable on production and imports from abroad.

Considering the effects of income and taxation paid and received by residents to and from the rest of the world, GNI at market prices for 2022 was estimated at €15,561.5 million (Table 3).








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