Economy Grows by 3.5% in Q2 of 2022

Gross Domestic Product estimates for the second quarter of 2022 show that the economy grew by 3.5 percent from 8.4 percent in the second quarter of 2021, a fall of 4.9 percentage points. These estimates are based on the year- on-year comparison of GDP at constant 2010 prices (see Figure 2).

Figure 2: Quarterly GDP Growth Rates at Constant 2010 Prices, Q1 2020- Q2** 2022 (%)

Industry Contribution to the 3.5 % growth in Q2 2022

The growth was mainly attributed to the performance of the following industries: Public Administration (1.6 PPT), Education (1.6 PPT), Manufacturing (1.1 PPT). Information & communication (0.8 PPT), Transport & storage (0.8 PPT) and Accommodation and food service activities (0.8 PPT). However, negative growth rates were recorded in the Wholesale & retail trade (1.2 PPT), Construction (1.1 PPT), Mining & quarrying (0.5 PPT), and Agriculture, forestry & fishing (0.3 PPT) (see Table 4).

Table 4: Industry Growth Rates and Contribution to Growth at Constant 2010 Prices, Q2 2022 (%)

Industries	Growth Rates						Q2 Contribution to growth (PPT)
	2021				2022
	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022
Agriculture, forestry and fishing	5.5	5.8	6.8	9.7	-5.1	-4.0	-0.3
Mining and quarrying	-2.2	-7.6	-9.3	-5.7	-8.8	-5.1	-0.5
Manufacturing	-3.1	9.2	5.6	4.1	-2.8	11.7	1.1
Electricity, gas, steam and air conditioning supply	14.1	12.2	9.9	14.7	9.7	7.0	0.1
Water supply; sewerage, waste management and remediation activities	4.6	2.9	1.6	1.4	4.0	4.7	0.0
Construction	15.9	22.6	9.6	11.3	-8.8	-10.7	-1.1
Wholesale and retail trade; repair of motor vehicles and motorcycles	3.9	9.2	-3.0	0.5	-0.3	-7.1	-1.2
Transportation and storage	3.5	1.0	11.0	19.4	3.4	19.6	0.8
Accommodation and food service activities	-3.4	10.4	13.4	7.7	6.3	45.6	0.8
Information and communication	23.6	21.6	17.5	18.3	17.7	10.8	0.8
Financial and insurance activities	20.2	5.0	6.9	-5.7	-2.4	0.0	0.0
Real estate activities	3.6	3.6	3.6	3.7	3.7	3.7	0.1
Professional, scientific and technical activities	1.7	6.0	-0.9	1.3	-5.7	-6.2	-0.1
Administrative and support service activities	1.6	11.3	1.7	1.4	-4.1	-5.2	-0.1
Public administration and defense; compulsory social security	-20.9	0.1	11.6	12.1	43.6	38.5	1.6
Education	-21.5	20.5	4.2	3.6	29.5	26.5	1.6
Human health and social work activities	5.0	3.0	1.6	0.5	-0.4	-1.6	0.0
Arts, entertainment and recreation	-44.2	45.7	85.1	40.1	41.4	114.6	0.2
Other service activities	3.6	3.6	3.6	3.7	3.7	3.7	0.0
Total Gross Value Added for the economy	1.7	8.3	3.7	5.2	2.3	4.0	3.8
Taxes less subsidies	3.9	9.2	-3.0	0.5	-0.3	-7.1	-0.3
Total for the economy, at market prices	1.8	8.4	3.3	5.0	2.2	3.5	3.5