Private consumption remained the main GDP growth engine during the analyzed interval, with a 2.2% contribution.
Compared with data published in early November 2023, INS has revised the country’s economic growth to 1.4% from 1.1%, along with the revision of the GDP growth for the third quarter of 2023.
The country’s GDP edged up 0.9% in real terms in the third quarter of 2023 as compared to the second quarter of 2023 (revised upwards from 0.4% previously). Against the third quarter of 2022, the GDP increased by 1.1% in real terms (revised upwards from 0.2% previously) and by 2.9% in seasonally adjusted data.
The following industries had significant positive contributions to the GDP growth in the first nine months of 2023 compared to the year-earlier period:
– Agriculture, forestry and fishing (+0.3%), with a share in GDP (5.9%) and an activity volume increase of 5.0%;
– Construction (+0.3%), with a share in GDP (4.4%) and an activity volume increase of 7.4%;
– Information and communication (+0.3%), with a share in GDP (7.2%) and an activity volume increase of 4.6%;
– Wholesale and retail; motor-vehicles and motorcycles repair; transport and storage; hotels and restaurants (+0.2%), with a share of 18.6% in GDP, and an activity volume increase of 1.2%;
– Real estate activities (+0.2%), with a share of 7.2% in GDP, and an activity volume increase of 2.0%;
– Professional, scientific and technical activities; activities of administrative services and support services (+0.2%), with a share of 7.6% in GDP, and an activity volume increase of 3.4%;
– Shows, culture and recreation activities; repair of households goods and other services (+0.2%), with a share of 2.9% in GDP, and an activity volume increase of 5.5%;
– Public administration and defence; social insurance of public sector; education; health and social assistance (+0.1%), with a share of 13.2% in GDP, and an activity volume increase of 1.0%.
Net taxes on product had a significant positive contribution to GDP growth (+0.2%), recording a volume increase of 2.2%.
Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning production and supply; water supply; sewerage, waste management and decontamination activities had a negative contribution (-0.6%), with a share of 21.0% in GDP, and an activity volume increase of 2.7%.
From GDP uses standpoint, the increase in January-September 2023 was mainly due to:
– Final consumption expenditure of households, whose volume increased by 2.8%, with a contribution of +1.7% to GDP growth rate;
– Collective final consumption expenditure of general government whose volume increased by 6.9%, with a contribution of +0.7% to GDP growth rate;
– Gross fixed capital formation, whose volume increased by 10.7%, with a contribution of +2.8%;