Gross Domestic Product for the March 2023 Quarter at constant 2013 purchaser prices amounted to $512.3 million, increasing by 7.4% compared to the March 2022 quarter.
This is the third quarter of positive economic growth following a series of quarterly declines coinciding with the pandemic spread.
Gross Domestic Product at current prices for the March 2023 quarter amounted to $644.4 million. It increased by 20.4%, with GDP per capita also registering an increase of 19.2% compared to the corresponding quarter of the previous year. Chart 3 below shows the industry composition of GDP at current market prices in the March 2023 quarter.
The tertiary sector (services industries), comprising 54.4% of total nominal GDP, went up by 19.3% or $56.7 million on a year-on-year basis. The Secondary or the goods-producing sector contributing 11.5% to total nominal GDP went up by 26.6% on a y-o-y basis for the period under review.
The Primary sector, which accounts for 10.4% of nominal GDP, increased its value added by 17.2% compared to March 2023.
Public Administrations’ share comprising 11.8% of total nominal GDP, decreased by 1.6% on a year-on-year basis.
The services sector, which makes up 63.7% of the economy, increased by 12.3% on a year-on-year basis. Of the eight industries categorized under this sector, seven experienced positive growth resulting in a 12.3% increase compared to the previous year’s corresponding quarter.
Conversely, the goods-producing or secondary sector, with a total share of 11.2% to aggregated real GDP, decreased its value added by 7.3% compared to the March 2022 quarter.
The primary sector, which consists of the Agriculture and Fishing industries, also recorded a decline in growth of 2.2%, with a total composition of 8.5% to total real GDP for the reviewed quarter.
Public administration, which accounts for 9.0% of the economy’s aggregated real GDP, also recorded a decline in value added by 1.4% compared to the same quarter of the previous year.
