Gross Domestic Product: Q2/2020: The Production Approach

28 August 2020 | 1100 hrs | 142/2020
Provisional estimates indicate that the Gross Domestic Product (GDP) for the
second quarter of 2020 amounted to €2,825.2 million, registering a decrease
of €494.3 million, or 14.9 per cent, when compared to the corresponding period
last year. In volume terms, GDP fell by 16.2 per cent.
The National Statistics Office is carrying out a benchmark revision of National Accounts with the
publication of the Gross Domestic Product for the second quarter of 2020. The enhancements
brought about by the benchmark revision include the publication, for the first time, of GDP data in
chain-linked volumes from the production approach (Table 1b). Data in chain-linked volumes has
been re-referenced to 2015.
Gross Domestic Product: Q2/2020

Cut-off date: The production approach
27 August 2020
During the second quarter of 2020, Gross Value Added (GVA) fell by 13.8 per cent in nominal terms
and 15.1 per cent in volume terms, when compared to the same quarter last year (Table 1a and 1b).
GVA fell significantly in the second quarter, with widespread contractions across all main sectors of the
economy. The services sector (NACE sections G to U) fell by 15.7 per cent, industry (NACE sections
B to E) decreased by 12.8 per cent, construction (NACE section F) contracted by 8.6 per cent and
agriculture and fishing (NACE section A) declined by 13.6 per cent in volume terms.
The drop in services was mainly driven by declines in the Accommodation and food service activities
which, in volume terms fell by 100.2 per cent, Transportation and storage with a decrease of 58.2 per
cent, Wholesale and retail trade, repair of motor vehicles and motorcycles which contracted by 18.6
per cent, and Professional, scientific and technical activities which declined by 13.0 per cent. Services
activities which contributed positively to GVA included Information and communication, Financial and
insurance activities and Arts, entertainment and recreation activities.
The decline in industry was mainly driven by Manufacturing, which fell by 10.5 per cent.
Net taxes on products contributed negatively towards GDP growth with a decline of 25.8 per cent in
volume terms.
The expenditure approach
The expenditure approach is another method used to calculate GDP and is derived by adding Final
consumption expenditure of Households, Government and Non-profit institutions serving households,
Gross capital formation and Net exports (Tables 2a and 2b).
During the second quarter of 2020, total Final consumption expenditure witnessed an annual drop of
10.2 per cent in nominal terms and 11.8 per cent in volume terms. This was the result of a decrease
in Household expenditure of 22.3 per cent, which was partly offset by an increase in the expenditure
of Non-profit institutions serving households of 47.0 per cent and a rise in Government expenditure
of 11.9 per cent in volume terms.
Statistics in this News Release should be interpreted in context to the unprecedented developments related
to COVID-19.
Compiled by: National Accounts Unit

1
Contact us: National Statistics Office, Lascaris, Valletta VLT 2000
T. +356 25997219, E. nso@gov.mt
https://twitter.com/NSOMALTA/ https://www.facebook.com/nsomalta/
Gross fixed capital formation (GFCF) declined by 10.1 per cent in nominal terms and 11.0 per cent in volume terms.
The drop in GFCF was mainly triggered by a decrease of 22.3 per cent in Dwellings, a reduction of 15.5 per cent in
Machinery and equipment and a contraction of 11.4 per cent in Other buildings and structures in volume terms.
Exports of goods and services fell by 11.9 per cent in nominal terms and 12.8 per cent in volume terms. Moreover,
Imports of goods and services declined by 7.0 per cent in nominal terms and 7.9 per cent in volume terms.
The income approach
The third approach to measure economic activity is the income approach, which shows how GDP is distributed among
compensation of employees, operating surplus of enterprises and taxes on production and imports net of subsidies
(Table 3).
Compared to the second quarter of 2019, the €494.3 million decrease in GDP in nominal terms was primarily a result
of a €315.0 million decrease in gross operating surplus and mixed income and a drop of €234.4 million in net taxation
on production and imports.
Gross National Income (GNI)
The GNI differs from the GDP measure in terms of net compensation receipts, net property income receivable and
net taxes receivable on production and imports from abroad.
Considering the effects of income and taxation paid and received by residents to and from the rest of the world, GNI
at market prices for the second quarter of 2020 was estimated at €2,523.0 million (Table 3).
Chart 1. GDP growth rate (year-on-year)
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Benchmark revision in National Accounts data for reference years 1995 to 2020Q2
The National Statistics Office (NSO) is carrying out a benchmark revision of the National Accounts with the publication
of the Gross Domestic Product for the second quarter of 2020. Benchmark revisions, or major regular revisions, are
revisions of data sources or methods used to estimate economic indicators that take place recurrently every five to
10 years. Such enhancements continue to improve the accuracy of the data and allow for better international data
comparability.
Below are the main enhancements that this benchmark revision has brought about:
The NSO is publishing, for the first time, GVA by industry, taxes and subsidies on products and consumption of fixed
capital at previous year’s prices and in chain-linked volumes. Therefore, real GDP is now available not only from the
expenditure side, but also from the production side. Annual and quarterly data in chain-linked volumes is available
as from the year 2000 onwards.
In the years leading to this revision, the NSO reviewed the compilation process of the Supply, Use and Input-Output
Tables (SUIOT). SUIOTs are a rich source of data and provide an integrated framework for checking consistency
and completeness of National Accounts data. The SUIOT of 2013, 2014 and 2015 have been compiled and will be
published shortly after the GDP news release.
The NSO implemented the recommendations of the ESA 1995 verification cycle, addressed after the benchmark
revision of 2014, and recommendations resulting from the ESA 2010 Gross National Income (GNI) verification cycle.
New data sources were integrated in the National Accounts. These include the latest Household Budgetary Survey, the
National Tourism Survey for domestic trips, the annual census for open sea fishing, and other administrative sources.
New estimation methods were implemented for activities of holding companies, renting of non-residential buildings,
Restaurants and mobile food service and beverage activities, other accommodation, the quarterly disaggregation of
aquaculture and renewable energy generated by households.
The NSO will publish, for the first time, the cross-classification of fixed assets by industry and by asset (stocks), and
the non-financial assets balance sheet by institutional sector.
Routine revisions will also be included for the reference period 2016 to 2020Q2, most notably the incorporation of the
Structural Business Statistics survey results of 2016.
A set of frequently asked questions related to this benchmark revision are available at:
https://nso.gov.mt/en/nso/Sources_and_Methods/Unit_A1/National_Accounts/Pages/%E2%80%8BFrequently-Asked-
Questions-Benchmark-Revision-2020.aspx
Detailed methodological information on the different enhancements incorporated in this benchmark revision can be
accessed at: https://nso.gov.mt/en/nso/Sources_and_Methods/Documents/National_Accounts/National Accounts -
Benchmark Revision 2020.pdf
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Gross Domestic Product: Q2/2020: The Production Approach

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28 August 2020 | 1100 hrs | 142/2020

Gross Domestic Product: Q2/2020

The expenditure approach

Compiled by: National Accounts Unit

The income approach

Gross National Income (GNI)

Chart 1. GDP growth rate (year-on-year)

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