Gross Domestic Product in the 3rd quarter of 2019 Preliminary estimate

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29.11.2019

Gross domestic product (GDP) in the 3rd quarter of 2019 was higher by 3.9% on year-on-year comparison against 5.2% in the correspording quarter of 2018 (constant average prices of the previous year).


In the 3rd quarter of 2019 seasonally adjusted gross domestic product (GDP) (constant  prices, reference year 2010) was higher by 1.3% than in the previous quarter and 4.1% higher than in the 3rd quarter of the previous year.

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

In the 3rd quarter of 2019 the economic growth came mainly from domestic uses which growth was 3.3% compared to the previous year. However, it was lower than in the 2nd quarter of 2019 (the growth 4.6%). It resulted from a lower than in the 2nd quarter of 2019 increase in gross capital formation by 0.4% (against 7.1% in the 2nd quarter of 2019). Final consumption expenditure grew at the same rate as in the 2nd quarter of 2019 and it increased by 4.0%. Consumption expenditure in the households sector rose by 3.9% and was lower than in the 2nd quarter of 2019 (the growth of 4.4%). The growth rate of gross fixed capital formation was weaker than in the 2nd quarter of 2019 and amounted to 4.7% (against 9.1%).

As a result the contribution of domestic uses to economic growth was +3.1 percentage points (against +4.4 percentage points in the 2nd quarter of 2019). It came from the positive influence of final consumption expenditure which was +3.0 percentage points (against +3.1 percentage points in the 2nd quarter of 2019), of which the impact of the consumption expenditure in households sector +2.2 percentage points and public consumption expenditure +0.8 percentage points (+2.5 and +0.6 percentage points in the 2nd quarter of 2019 respectively). The impact of gross fixed capital formation amounted to +0.8 percentage points (in the 2nd quarter of 2019 it was +1.5 percentage points). Changes in inventories had a negative effect on economic growth and amounted to -0.7 percentage points (in the 2nd quarter of 2019 it was -0.2 percentage points). As a consequence, the positive influence of gross capital formation on economic growth was +0.1 percentage points (against +1.3 percentage points in the 2nd quarter of 2019). In the 3rd quarter of 2019 the positive impact of the net exports to economic growth was +0.8 percentage points (against +0.2 percentage points in the 2nd  quarter of 2019).


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