Gross Domestic Product in real terms went up by 6.3 per cent last year, making the economy one of the best performers in the EU, official figures issued today show.
GDP in 2015 amounted to €8,796.5 million, an increase of €712.3 million or 8.8 per cent (nominal) when compared to 2014.
The production approach
During 2015, Gross Value Added (GVA) increased by €626.3 million when compared to 2014. This was mainly generated by wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities which increased by €154.0 million or 9.6 per cent; professional, scientific and technical activities; administrative and support service activities, which increased by €144.9 million or 17.9 per cent; and public administration and defence; education; human health and social work activities which increased by €93.1 million or 6.9 per cent.
A drop of €2.9 million or 0.4 per cent was registered in manufacturing.
The expenditure approach
In 2015, total final consumption expenditure in nominal terms increased by 6.2 per cent and by 4.9 per cent in real terms when compared to 2014. Gross fixed capital formation increased by €401.8 million in nominal prices and by 21.4 per cent in real terms.
Real exports and real imports increased.
The income approach
Compared to 2014, GDP at current prices went up by €712.3 million, and was estimated to have been distributed into a €189.9 million increase in compensation of employees, a €449.2 million increase in gross operating surplus of enterprises, and a €73.2 million increase in net taxation on production and imports.
Considering the effects of income and taxation paid and received by residents to and from the rest of the world, Gross National Income (GNI) at market prices 2015 was estimated at €8,567.5 million.