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STATISTICS

GROSS DOMESTIC PRODUCT: Q2/2020

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 Cut-off date: 27 August 2020

Copia-di-Copia-di-SHORT-TERM-SERVICES-INDICATORS-6The production approach

During the second quarter of 2020, Gross Value Added (GVA) fell by 13.8 per cent in nominal terms and 15.1 per cent in volume terms, when compared to the same quarter last year (Table 1a and 1b).

GVA fell signifi cantly in the second quarter, with widespread contractions across all main sectors of the economy. The services sector (NACE sections G to U) fell by 15.7 per cent, industry (NACE sections B to E) decreased by 12.8 per cent, construction (NACE section F) contracted by 8.6 per cent and agriculture and fi shing (NACE section A) declined by 13.6 per cent in volume terms.

The drop in services was mainly driven by declines in the Accommodation and food service activities which, in volume terms fell by 100.2 per cent, Transportation and storage with a decrease of 58.2 per cent, Wholesale and retail trade, repair of motor vehicles and motorcycles which contracted by 18.6 per cent, and Professional, scientifi c and technical activities which declined by 13.0 per cent. Services activities which contributed positively to GVA included Information and communication, Financial and insurance activities and Arts, entertainment and recreation activities.

The decline in industry was mainly driven by Manufacturing, which fell by 10.5 per cent.

Net taxes on products contributed negatively towards GDP growth with a decline of 25.8 per cent in volume terms.

The expenditure approach

The expenditure approach is another method used to calculate GDP and is derived by adding Final consumption expenditure of Households, Government and Non-profi t institutions serving households, Gross capital formation and Net exports (Tables 2a and 2b).

During the second quarter of 2020, total Final consumption expenditure witnessed an annual drop of 10.2 per cent in nominal terms and 11.8 per cent in volume terms. This was the result of a decrease in Household expenditure of 22.3 per cent, which was partly off set by an increase in the expenditure of Non-profi t institutions serving households of 47.0 per cent and a rise in Government expenditure of 11.9 per cent in volume terms.

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