In the second quarter of 2016 gross domestic product (GDP) increased by 2.7% over the second quarter of 2015. In the first half of 2016 it increased by 2.5% over the first half of 2015.
In the second quarter 2.7% GDP growth
In the second quarter of 2016 GDP increased by 2.7% over the second quarter of 2015. In the first half of 2016 it increased by 2.5% over the first half of 2015.
Seasonally adjusted GDP increased by 0.5% over the previous quarter and by 1.9% over the second quarter of 2015.
Exports and imports continue to grow
In the second quarter, too, external demand had a positive impact on the economic growth. Exports increased by 7.5%; exports of goods went up by 8.8% and exports of services by 2.2%. Imports increased by 7.2%; imports of goods went up by 9%, while imports of services declined by 3.6%. The external trade surplus contributed 0.9 of a percentage point to the economic growth.
Private consumption is strengthening
Private consumption increased by 2%. Final consumption expenditure increased by 2.5% and gross capital formation by 0.6%. Gross fixed capital formation decreased by 3.6%. Similarly to the previous quarter, lower construction investment (by 18%) had a negative impact on the growth of gross fixed capital formation. Investment in machinery and equipment increased by 13.2% and thus mitigated the fall of gross fixed capital formation.
Total employment up by 2%
In the second quarter of 2016 total employment was up by 2%, the most in the two-year period. Continued employment growth has been recorded since the second quarter of 2014, but in that period the growth rates were lower. In 2014 they varied from 0.4% to 0.9%, and in 2015 from 1.1% to 1.2%.
Manufacturing contributed the most to the economic growth
In the second quarter of 2016 manufacturing contributed 1.7 percentage points to the economic growth. Trade, accommodation and food service activities, and real estate activities together contributed 0.9 of a percentage point. Negative contribution to the economic growth came from construction, and financial and insurance activities. The total value added of the economy increased by 2.9%.
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 (%)