National Accounts:
GDP at $49.4 billion in 2015

Real growth rate 0.8 percent

GDP was calculated at $49.4 billion in 2015, up from $47.8 billion for 2014, according to the National Accounts 2004-2015 report published by the Central Administration for Statistics (CAS).

The figures are slightly lower than estimates by the International Monetary Fund (IMF): $50.8 billion for 2015, and $49.9 billion for 2014.

According to the CAS report, Real GDP growth continued to slow down over the 2012-2015 period. It fell from 2.8 percent in 2012, to 2.6 percent in 2013, two percent in 2014, and 0.8 percent in 2015.

The growth percentages according to the IMF are the same as those of CAS for 2012 and 2014. But slightly differ for 2013 (2.5 percent), and 2015 (one percent).

The growth of the financial services sector by volume was ten percent in 2015 compared with three percent in 2014, according to CAS’ subdivision of GDP by activity. The information and communication sector also improved, registering a growth in volume of seven percent in 2015 compared with four percent the previous year. The transportation sector continued its positive trend with its growth rate rising to nine percent from six percent. The health and social care sector swung to a growth of three percent from a decrease of five percent in 2014.

The growth of both the electricity and education sectors slowed down in 2015 to three and four percent respectively, from five and 11 percent in 2014.

The sectors that recorded a decline in 2015 include real estate, agriculture and forestry, livestock and fishing, hotels and restaurants. The real estate sector decreased by three percent compared with an increase of four percent in 2014. Agriculture and forestry plunged by 19 percent in 2015 after rising 14 percent in 2014.

“Manufacturing of food products, water supply and waste management, and construction sectors decreased in 2014 and 2015 after seven years of growth,” CAS said in its report.