Provisional estimates released by the NSO indicate that the Gross Domestic Product (GDP) for the second quarter of 2022 amounted to €4,100.4 million, registering an increase of €526.6 million, or 14.7%, when compared to the same quarter of 2021. In volume terms, GDP rose by 8.9 per cent.
A strong rebound in services was behind a strong rebound in economic activity, contributing to 8.8%. On the other hand, the improvement in industry was marginal, with a 0.4% growth. Conversely, Construction had a negative contribution of 0.2. Gross fixed capital formation declined by 12.3 per cent in volume terms. This decrease was mainly attributable to investment in Machinery and equipment.
Focusing on the services sector, the major contributors were accommodation and food services activities, ICT, transport and retail trade.
The contribution of domestic demand to the year-on-year GDP growth rate in volume terms was 4.5 percentage points, with Final consumption expenditure having a positive contribution of 7.5 percentage points and Gross capital formation contributing negatively by 3.0 percentage points. External demand
also registered a positive contribution of 4.5 percentage points, with 9.9 percentage points attributable to exports and 5.5 percentage points explained by imports.
Compared to the second quarter of 2021, the €526.6 million increase in nominal GDP was the result of a €141.9 million increase in Compensation of employees, a €297.7 million rise in Gross operating surplus and mixed income, and an increase of €86.9 million in Net taxation on production and imports (Table 3)
