Economy Grows by 5.3% in the Third Quarter of 2022

Year on Year Quarterly Growth Q3 2022 GDP

Gross Domestic Product (GDP) estimates for the third quarter of 2022 show that the economy grew by 5.3 percent from 3.3 percent in the third quarter of 2021. This represents a 2.0 percent increase in growth compared to the same quarter in 2021. These estimates are based on the year- on-year comparison of GDP at constant 2010 prices (see Figure 1).

Figure 1: Quarterly GDP Growth Rates at Constant 2010 Prices, Q1 2021 – Q3** 2022

Industry Contribution to the 5.3 % growth in Q3 2022

The growth was mainly attributed to the performance of the following industries: Wholesale and retail trade (1.2%), Information & communication (1.2%), Transport & storage (1.1%), Education (0.9%), Accommodation and food service (0.5%) and Manufacturing (0.4%). However, negative growth rates were recorded in the Construction industry (-1.3%), and Agriculture, forestry & fishing (-0.1 %) (see Table 1).

Table 1: Gross Value-Added Growth Rates and Contribution to Growth at Constant 2010 Prices, Q3 2022 (%)

Industries	Growth Rates			Contribution to growth
Industries	Q1*	Q2*	Q3**	Q3**
Agriculture, forestry and fishing	-5.1	-4.0	-1.3	-0.1
Mining and quarrying	-8.8	-5.1	0.7	0.1
Manufacturing	-2.8	11.7	5.1	0.4
Electricity, gas, steam and air conditioning supply	9.7	7.0	11.5	0.2
Water supply; sewerage, waste management and remediation activities	4.0	4.7	10.3	0.0
Construction	-8.3	-10.3	-11.2	-1.3
Wholesale and retail trade; repair of motor vehicles and motorcycles	-0.3	-7.1	6.2	1.2
Transportation and storage	3.4	19.6	23.7	1.1
Accommodation and food service activities	14.6	39.3	34.8	0.5
Information and communication	17.7	10.8	16.6	1.2
Financial and insurance activities	-2.4	0.0	-0.1	0.0
Real estate activities	3.7	3.7	3.7	0.1
Professional, scientific and technical activities	-5.7	-6.2	1.4	0.0
Administrative and support service activities	-4.0	-5.2	2.4	0.0
Public administration and defense; compulsory social security	43.6	38.5	2.8	0.1
Education	29.5	26.5	14.4	0.9
Human health and social work activities	-0.4	-1.6	2.8	0.1
Arts, entertainment and recreation	41.4	114.6	99.1	0.2
Other service activities	3.7	3.7	3.7	0.0
Total Gross Value Added for the economy	2.5	3.9	5.2	4.9
Taxes less subsidies	-0.3	-7.1	6.2	0.3
Total for the economy, at market prices	2.3	3.4	5.3	5.3

Industry Growth rates in the third quarter of 2022

At industry level, the highest growth rates were recorded in Arts, entertainment & recreation (99.1%), Accommodation and food services (34.8%), Transport & storage (23.7%), Information & Communication (16.6%) Education (14.4%), and Electricity (11.5%). On the other hand, negative growth rates were recorded in the following in Construction (-11.2%), Agriculture, forestry and fishing (-1.3%) and in the Financial and Insurance services (-0.1) (see Table 1).