In the third quarter of 2018 GDP increased by 4.8% over the third quarter of 2017. In the first three quarters of 2018 it increased by 4.5% over the first three quarters of 2017. Seasonally adjusted GDP increased by 1.3% over the previous quarter and by 5.0% over the third quarter of 2017.
Domestic consumption growth the same as in the previous quarter
Domestic consumption in the third quarter of 2018 increased by 3.5% over the third quarter of 2017. Final consumption expenditure increased by 0.7% and gross capital formation by 13.4%. The high growth of gross capital formation was the result of the high growth of gross fixed capital formation as well as changes in stocks, which contributed 0.5 of a percentage point to GDP growth.
The most important components of domestic consumption expenditure are household final consumption expenditure and gross fixed capital formation. Household final consumption expenditure remained at the same level as in the third quarter of 2017.
Gross fixed capital formation increased by 12.0%. Positive impact on gross fixed capital formation growth came from both components: construction investment (up by 19.6%) and gross fixed capital formation in other machinery and equipment (up by 6.7%). 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 10.2%), while gross fixed capital formation in other machinery and equipment increased by 5.4%.
Lower growth of exports and imports
Compared to exports and imports in the last two years, in the third quarter of 2018 lower growth was observed. Exports increased by 5.7%; exports of goods went up by 4.3% and exports of services by 11.0%. Imports increased by 4.3%; imports of goods went up by 5.0% and imports of services by 0.9%. Nevertheless, external demand had a positive impact on the economic growth. The external trade surplus contributed 1.7 percentage points to the economic growth.
Total employment up by 2.8%
In the second quarter of 2018 total employment was 1,022,053 persons and increased by 2.8% over the third 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 (%)