CSO: Economy declines by 4%

THE Central Statistical Office (CSO) has reported that the economy declined by four per cent in the first quarter of this year.

This was indicated on Sunday in its release of the quarterly Gross Domestic Product for the first quarter 2022.

The CSO said, "This was due to contractions in both the energy and non-energy Industries of 1.3 per cent and 5.2 per cent respectively."

The former recorded declines in asphalt (56.1 per cent), petroleum support services (46.7 per cent), crude oil exploration and extraction (5.2 per cent) and manufacture of petrochemicals (5.1 per cent).

In the latter, there were declines in trade and repairs (excluding natural gas and petroleum distribution) – 15.2 per cent, other service activities – 10.2 per cent, construction – 9.2 per cent, electricity (excluding gas) - 3.8 per cent and textiles, clothing, leather, wood, paper and printing –5.3 per cent.

The CSO said declines in parts of the energy sector were offset by increases in other parts

These were refining (including LNG-liquefied natural gas) – 12.1 per cent, natural gas exploration and extraction – 5.5 per cent, condensate extraction – 4.5 per cent and petroleum and natural gas distribution –0.5 per cent.

The decline in areas of the non-energy sector were similarly offset by increases in other areas of the sector.

These were food, beverages and tobacco product  – 8.9 per cent; other manufactured products - 5.6 per cent; transport and storage – 4.2 per cent and accommodation and food services – 1.9 per cent.