Volume of gross domestic product grew by 1.3 per cent in 2022

Output

The current priced value of the output of the whole economy was 12 per cent and intermediate consumption grew by 17 per cent in 2022. The current priced value added calculated as the difference between output and intermediate consumption increased by seven per cent in 2022.

The volumes of both output and intermediate consumption grew by 1.9 per cent. The volume of value added also increased by 1.9 per cent. The volume of GDP grew by 1.3 per cent. Besides value added, GDP is also influenced by taxes on production and subsidies on production.

The year 2022 was deviating in terms of price rises. An equally high rise in the prices of output and intermediate consumption was last seen at the beginning of the 1980s. The prices of output rose by 10 per cent and those of intermediate consumption by 15 per cent.

Value added by industry

Output at current prices in manufacturing and energy supply grew as prices rose rapidly. However, the volume of value added in manufacturing went down.

In 2022 growth was recorded in accommodation and food service activities and in arts, entertainment and recreation activities recovering from the slump caused by the coronavirus. In addition to value added at current prices, the volume of value added in these industries also grew clearly from the previous year.

Revision of data

Revisions to preliminary data were seen in industry-specific data in the industries of manufacturing, information and communication, and construction.

In the February round, the industry-specific volume data on general government output have also become revised. As a result, the volume of the output of municipal healthcare services was revised downwards.