In the third quarter of 2017 gross domestic product (GDP) increased by 4.5% over the third quarter of 2016. Seasonally adjusted GDP increased by 1% over the previous quarter and by 4.9% over the third quarter of 2016.
High growth of exports and imports continues
In the third quarter, too, external demand had a positive impact on the economic growth. Exports increased by 12.0%; exports of goods went up by 12.6% and exports of services by 9.6%. Imports increased by 10.1%; imports of goods went up by 10.7% and imports of services by 7.2%. The faster increase in exports than imports resulted in record external trade surplus. It was 11.6% of GDP, which is the highest share since the data are available (1995).
In the third quarter domestic consumption slowdown
Domestic consumption increased by 2.4%. Slower growth was observed in both components of domestic consumption: final consumption expenditure and gross fixed capital formation. Final consumption expenditure went up by 2.5%, which is similar growth as in the previous quarters of 2017. Gross fixed capital formation went up by 1.9% after two quarters of significant increase. The reason for slowdown is slowdown in the majority of gross fixed capital formation and changes in inventories. Changes in inventories this time slowed down the GDP growth (by 0.7 of a percentage point).
Gross fixed capital formation increases but slower than in the first half of 2017
Gross fixed capital formation increased by 6.1%, which is slower growth than in the first half of 2017 (in the first quarter by 13.0% and in the second quarter by 8.7%). Positive impact on gross fixed capital formation growth came from construction investment and gross fixed capital formation in other machinery and equipment. After two years of decline, in 2017 we observed the increase in construction investment. In the third quarter construction investment went up by 6.6%. Gross fixed capital formation in machinery and equipment increased by 5.5%, of which gross fixed capital formation in transport equipment increased by 6% and gross fixed capital formation in other machinery and equipment by 5.4%. Despite the fact that recently we have been recording relatively high growth rates in gross fixed capital formation, they are still below the pre-crisis level (by about 40%).
Total employment up by 2.7%
In the third quarter of 2017 total employment was 991,667 persons and increased by 2.7% (by 26,077 persons) over the third quarter of the previous year. Most people were employed in manufacturing, followed by other business activities, transport and trade.
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.
Gross domestic product, constant prices, growth rates (%)
Gross domestic product by expenditures, constant prices, growth rates (%)
1) As contribution to GDP volume growth (in percentage points).
Value added by activities and gross domestic product, constant prices, growth rates (%)