In the second quarter of 2018 gross domestic product (GDP) increased by 3.8% over the second quarter of 2017. In the first half of 2018 it increased by 4.2% over the first half of 2017. Seasonally adjusted GDP increased by 0.8% over the previous quarter and by 4.3% over the second quarter of 2017.
In the second quarter domestic consumption slowdown
Domestic consumption in the second quarter of 2018 increased by 2.3% over the second quarter of 2017. Final consumption expenditure increased by 2.2% and gross fixed capital formation by 2.9%. The lower growth of gross fixed capital formation was to a large extent the result of changes in stocks, which had a negative impact on GDP growth.
The most important components of final consumption expenditure are household final consumption expenditure and gross fixed capital formation. Household final consumption expenditure increased by 1.1%, mostly due to slower growth in households’ daily spending.
Gross fixed capital formation increased by 8.2%. Positive impact on gross fixed capital formation growth came from both components: construction investment (up by 11.8%) and gross fixed capital formation in other machinery and equipment (up by 5.2%). Among construction investment the investment in non-residential buildings was more prominent; this trend has been observed since the beginning of 2017. Among gross fixed capital formation in machinery and equipment a more prominent increase was observed in gross fixed capital formation in transport equipment (by 11.3%), while gross fixed capital formation in other machinery and equipment increased by 2.6%.
High growth of exports and imports
In the second quarter of 2018, too, external demand had a positive impact on the economic growth. Exports increased by 9.3%; exports of goods went up by 9.1% and exports of services by 10.5%. Imports increased by 8.3%; imports of goods went up by 8.6% and imports of services by 6.1%. The external trade surplus contributed 1.7 percentage points to the economic growth.
Total employment up by 3%
In the second quarter of 2018 total employment was 1,013,618 persons and increased by 3% over the second quarter of the previous year. Most people were employed in manufacturing, followed by construction, trade, and professional, scientific and technical 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 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 (%)