In the second quarter of 2017 gross domestic product (GDP) increased by 4.4% over the second quarter of 2016. Seasonally adjusted GDP increased by 1.1% over the previous quarter and by 5.2% over the second quarter of 2016.
In the second quarter domestic consumption growth slowed down
Domestic consumption increased by 3.7% in the second quarter of 2017 over the second quarter of 2016 (in the first quarter by 5.6%). Slower growth was observed in both components of domestic consumption: final consumption expenditure and gross fixed capital formation. Final consumption expenditure went up by 2.7% (in the first quarter by 3.3%) and gross fixed capital formation by 7.4% (in the first quarter by 14.1%).
The most important component of final consumption expenditure is household final consumption. In the second quarter it increased by 3.2% and contributed 1.7 percentage points to GDP. The contribution to GDP growth was somewhat lower than in the first quarter, when it was 2.1 percentage points.
Gross fixed capital formation increased by 7.9%, which is a slower growth than in the first quarter when it was 12.8%. Consequently, its contribution to GDP growth decreased (from 2.2 percentage points to 1.4 percentage points). Both components had a positive impact on gross fixed capital formation growth: construction investment and gross fixed capital formation in other machinery and equipment. Similarly to the previous quarter, a higher increase in construction investment was observed in non-residential buildings, by 15.1%, while investment in residential buildings increased by 4.8%. Gross fixed capital formation in machinery and equipment increased by 6.8%, of which gross fixed capital formation in transport equipment by 8.3%, while gross fixed capital formation in other machinery and equipment increased by 6.1%.
High growth of exports and imports continues
In the second quarter, too, external demand had a positive impact on the economic growth. Exports increased by 8.3%; exports of goods went up by 8.1% and exports of services by 9.4%. Imports increased by 7.9%; imports of goods went up by 8% and imports of services by 7.4%. The external trade surplus contributed 1.1 percentage points to the economic growth.
Total employment up by 2.8%
In the second quarter of 2017 total employment was 983,000 and increased by 2.8% over the second quarter of 2016. Most people were employed in manufacturing, followed by other business activities, trade and transport activities.
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 (%)