In the first quarter of 2018 gross domestic product (GDP) increased by 4.6% over the first quarter of 2017. Seasonally adjusted GDP increased by 0.6% over the previous quarter and by 5.0% over the first quarter of 2017.
High growth of domestic expenditure
Domestic expenditure increased by 5.3% in the first quarter of 2018, which is the same increase as in the first quarter of 2017 and the highest growth after 2008. Among the main components of domestic expenditure (final consumption expenditure and gross capital formation) the increase in gross capital formation was more prominent. Gross capital formation increased by 14.7%. This time changes in inventories contributed significantly to GDP growth, namely 1.3 percentage points.
Gross fixed capital formation went up by 9.1%, which is similar to the growth rates thorough 2017. Construction investment grew by 12.6%, of which investment in non-residential buildings grew more (by 15.6%) than investment in residential buildings (by 4.5%). Gross fixed capital formation in machinery and equipment increased by 7.5%; similar growth was observed in gross fixed capital formation in transport equipment (by 7.3%) and in gross fixed capital formation in other machinery and equipment (by 7.7%).
The final consumption expenditure grew by 2.6%, of which household consumption expenditure increased by 3.4%, which is similar growth as in the previous quarter.
Imports grew faster than exports
In the first quarter of 2018 imports grew faster than exports. Imports increased by 8.7%, of which imports of goods increased by 9.2% and imports of services by 5.5%. Exports increased by 7.4%, of which exports of goods by 7.7% and exports of services by 6.2%.
Higher growth of imports than exports resulted in somewhat lower external trade balance; this time their contribution to GDP growth was negative (by 0.2 of a percentage point).
Total employment continues to grow
In the first quarter of 2018 total employment was 997,941 persons and increased by 3.0% (by 29,232 persons) over the first quarter of 2017. Most people were newly employed in manufacturing, construction, 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 in the SI-STAT Database.
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 (%)