National accounts, December 2000

The year to year growth in overall the GDP (oil and gas activities and ocean shipping industry included) was estimated at 2.2 per cent.

Lower consumption of goods among households resulted in a drop in final consumption expenditure among households and Non-profit Institutions Serving Households (NPISHs) in the 4th quarter, after a small decline in the 3rd quarter as well.

Small change in investment activities

The total gross fixed capital formation decreased slightly from the 3rd to the 4th quarter. However, for the mainland economy, a small increase occured. This was caused by higher investment activity in the service industries and in general government. On the other hand, a reduction was recorded in the goods producing industries, oil and gas activities and in ocean shipping industries.

Increase in exports and decrease in imports

The seasonally adjusted figures show an increase in the total volume of exports of 1.8 per cent from the 3rd to the 4th quarter. Exports of crude oil and natural gas increased by 4,2 percent while exports of traditional goods increased by 0.8 percent. An increase in exports of services was also recorded.

The level of total imports was 2.4 per cent lower in the 4th quarter compared with figures from the preceding quarter, after corresponding decline in the 3rd quarter. A reduction occurred in imports of several goods and services, among others metals, textiles, chemical raw materials and services for the oil and gas industries.

Value added slightly up in the manufacturing industries

The seasonally adjusted figures indicate a small decline in value added in the mainland industries from the 3rd to the 4th quarter last year. The preliminary figures show a slight increase in the manufacturing industries in the 4th quarter after a significant decline in the preceding two quarters. For other goods producing industries preliminary estimates show a reduction . According to the figures an increase was reported for the service industries, but the growth was lower than in the preceding quarters the same year.

Growth in employed persons since the 4th quarter 1999

For employment and man-hours only non-seasonally adjusted figures are available. These reveal a growth in the number of employed persons from the 4th quarter 1999 to the 4th quarter 2000 of 0.3 per cent. The figures show that there has been a reduction in the number of employed persons in most goods producing industries while there has been an increase in the service industries and in general government.