STATEC has published the first estimate for real Gross Domestic Product (GDP) growth for the first quarter of 2017, which shows an increase of 3.3% from last year.
In the first quarter of 2017, the evolution of real GDP was +3.3% compared to the first quarter of 2016 and +0.1% compared to the previous quarter. Annual changes in real GDP for 2016 were revised as follows: +3.9% instead of +3.6% for the fourth quarter, +5.2% instead of +5.4% for the third quarter and +4.4% compared to +4.5% for the second quarter.
The added value of financial and insurance activities fell by 7.3% compared with the previous quarter. The evolution of other branches, in order of importance in GDP, is as follows: trade, transport, housing and catering witnessed +1.9%; business services and leasing +4.5%; real estate activities -0.5%; information and communication +6.1%; water supply -0.8%; construction -5.2%; public administration, education and health 0.0%.
Finally, compared to the fourth quarter of 2016, final consumption expenditure by households and non-profit institutions serving households fell by 0.2%, while general government expenditure increased by 0.1%. The increase in gross fixed capital formation is 2.3%, whilst exports increased by 0.5% and imports by 1.7%
