Gross Domestic Product in the second quarter of 2017 Preliminary estimate

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31.08.2017

In the 2nd quarter of 2017 seasonally adjusted gross domestic product (GDP) (constant  prices, reference year 2010) was higher by 1.1% than in the previous quarter and 4.4% higher than in the 2nd quarter of the previous year.

Seasonally unadjusted GDP (constant average prices of the previous year) was higher by 3.9% than in the corresponding quarter of the previous year.

The result presented has not been changed compared to the GDP flash estimate for the 2nd quarter of 2017, released on 16 August 2017.

Seasonally adjusted GDP; constant prices; reference year 2010

2015 2016 2017
1 qtr 2 qtr 3 qtr 4 qtr 1 qtr 2 qtr 3 qtr 4 qtr 1 qtr 2 qtr
Change (%) to the previous quarter
+1.5 +0.5 +1.2 +0.9 -0.1 +0.9 +0.4 +1.7   +1.1 +1.1
Change (%) to the corresponding quarter of the previous year
+4.0 +3.4 +3.8 +4.2 +2.5 +3.0 +2.2 +3.0 +4.2  +4.4

Seasonally unadjusted GDP; constant average prices of the previous year

2015 2016 2017
1 qtr 2 qtr 3 qtr 4 qtr 1 qtr 2 qtr 3 qtr 4 qtr 1 qtr 2 qtr
Change (%) to the corresponding quarter of the previous year
+3.8 +3.3 +3.6 +4.6 +2.9 +3.0 +2.4 +2.5 +4.0 +3.9

In the 2nd quarter of 2017 the growth of domestic uses was 5.6% compared with a year earlier and it was higher than in the 1st quarter of 2017 (the growth of 4.1%). It resulted from the higher than in the 1st quarter 2017 the increase in final consumption expenditure which was 4.3% (against 3.9%) and the increase in gross capital formation by 11.5% (against 5.2% in the 1st quarter of 2017). Consumption expenditure in the households sector rose by 4.9% than a year earlier and it was higher than in the 1st quarter of 2017 (the growth of 4.7%). The growth of gross capital formation in the 2nd quarter of 2017 resulted from the significant increase of changes in inventories with, recorded for the first time since the 4th quarter of 2015, the growth in gross fixed capital formation by 0.8%. On the whole, the influence of domestic uses on economic growth was +5.4 percentage points (against +3.9 percentage points in the 1st quarter of 2017). It was made by the positive contribution of final consumption expenditure which was +3.4 percentage points (against +3.2 percentage points in the 1st quarter of 2017), of which the impact of the consumption expenditure in households sector +2.9 percentage points and public consumption expenditure +0.5 percentage points (+3.0 and +0.2 percentage points in the 1st quarter of 2017 respectively).

In the 2nd quarter of 2017 the impact of gross fixed capital formation was positive (against the neutral impact in the 1st quarter of 2017) which, with the upward effect of changes in inventories (+1.9 percentage points), made positive influence of gross capital formation on economic growth of +2.0 percentage points (against +0.7 percentage points in the 1st quarter of 2017). In the 2nd quarter of 2017 the net exports slowed down economic growth (-1.5 against +0.1 percentage points in the 1st quarter of 2017).

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