In the fourth quarter of 2016 gross domestic product (GDP) increased by 2.6% over the fourth quarter of 2015. According to the first estimate, in 2016 GDP increased by 2.5%.
Seasonally adjusted GDP increased by 1.2% over the previous quarter and by 3.6% over the fourth quarter of 2015.
Accelerated growth of domestic consumption
In the fourth quarter of 2016 we observed substantial growth of domestic consumption; it increased by 3.7% over the fourth quarter of 2015. Household consumption increased by 4.1%. Similarly high growth rates were last recorded in the first half of 2008.
Gross capital formation increased by 3.8%. Gross fixed capital formation increased by 0.9%. Gross fixed capital formation in other machinery and equipment went up by 9.4%. Gross fixed capital formation in construction declined by 6.8%, albeit gross fixed capital formation in residential buildings increased by 3%.
Slowdown of exports
In the fourth quarter of 2016 we observed lower growth of exports than in the previous quarters. Exports increased by 4.6%: exports of goods went up by 3.1%. This time imports increased faster than exports; they increased by 6.3%, while imports of goods went up by 5.4%.
GDP increased by 2.5% in 2016
GDP at current prices amounted to EUR 39,769 million, which is nominally by 3.1% more than in 2015. In volume terms GDP increased by 2.5%.
As in 2015, external demand was the key generator of economic growth; exports increased by 5.9%. Domestic demand has an increasingly significant role (increase by 2.4%), in the scope of which private consumption increased by 2.8%.
Total employment in 2016 was 960,000 persons and increased by 2% or 19,000 persons over the previous year.
Estimated growth rates of GDP for all quarters of 2016 are lower than originally estimated due to significantly lower estimate of agriculture production. GDP growth in the third quarter of 2016 was additionally lower due to different way of paying VAT on imports.
Unless otherwise specified, all comparisons in this text refer to original data, to volume or real changes and to changes compared with the same quarter of the previous year.
More detailed data
More detailed data including time series are available on the SI-STAT data portal.
Table 1: Gross domestic product, constant prices, growth rates (%)
Table 2: Gross domestic product by expenditures, constant prices, growth rates (%)
1) As contribution to GDP volume growth (in percentage points).
Table 3: Value added by activities and gross domestic product, constant prices, growth rates (%)