GDP Decreased 1.7% In 2nd Quarter Of 2022

November 25, 2022

According to the Quarterly Gross Domestic Product [GDP] report from the Department of Statistics, during the second quarter 2022, GDP at “constant prices was estimated at $1,498.7 million, falling 1.7% year-over-year after adjusting for inflation.”

Charts extracted from the report:
Quarterly Gross Domestic Product by Expenditure Q2 2022 Charts November 25, 2022

Speaking a press conference yesterday, Minister of Economy and Labour Jason Hayward said, “After adjusting for inflation, the GDP in constant prices, decreased by 1.7 per cent in the second quarter of 2022. The level of economic contraction was a direct result of increased inflationary pressure as GDP in current prices increased by 2.2% during the quarter.

“Consumer spending increased 4.9 per cent year-over-year to $771.5 million. Consumption of services, increased 5.3 per cent year-over-year, reflected in higher expenditure for accommodation services, air transport and personal care services during the second quarter of 2022.”

The full Quarterly GDP Publication Q2 2022 follows below [PDF here]:

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Comments (2)

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  1. Ringmaster says:

    The cost of air transport increased in the quarter, yet in the inflation numbers, air transport decreased. Do the stats just reflect numbers needed to arrive at the required final number?
    Also slipped into the qtly GDP numbers it states Government expenditure on wages, salaries and benefits increased by 3.3%. A secret pay rise for the public sector?

  2. question says:

    The GDP might have increased if it had not been for the scandalous TA form.
    But we STILL aren’t being told the NAMES of the individuals who benefitted financially from it. We all know why. Don’t we, Burt.

    What happened to transparency? Burt seems to have forgotten about it.