The economy grows to 3.63% in the first quarter, supported again by construction and administration

Economic growth rates slowed again in the first quarter of the year, after accelerating at the end of 2023, but still remained higher compared to the first quarter of last year.

INSTAT announced that the economy grew by 3.63% in the first quarter of the year, from 3.83% in the third quarter and 3.81% in the fourth quarter of last year.

Construction continued to be the engine of the economy, influencing a third of this growth, while two important sectors such as industry and agriculture were in negative territory with a decrease of 1 and 1.7% respectively.

The public administration has also helped the economy, through the increase in wages, being the second largest contributor after construction.

According to INSTAT's announcement, the Gross Domestic Product (GDP) in the first quarter of 2024 is estimated to increase by 3.63% in real terms, compared to the first quarter of 2023.

Positive contributions were made by the branches: "Construction" with +1.19 percentage points, "Public Administration, Education and Health" with +0.92 percentage points, "Trade, Transport, Accommodation and Food Service" with +0.76 percentage points, " Real Estate Activities" with +0.36 percentage points, "Professional Activities and Administrative Services" with +0.32 percentage points, "Information and Communication" with +0.06 percentage points, "Financial and Insurance Activities with +0, 06 percentage points, "Arts, entertainment and relaxation; other service activities" with +0.05 percentage points.

The group: "Agriculture, Forestry and Fishing" contributed negatively with -0.31 percentage points, "Industry, Energy and Water" with -0.15 percentage points. "Net taxes on products" contributed positively by +0.36 percentage points.

The main branches of the economy, for the first quarter of 2024, compared to the first quarter of 2023, are presented as follows: The Activity of Agriculture, Forestry and Fishing recorded a decrease of 1.73%, followed by the Activity of Industry, Energy and Water, which recorded a decrease of 1.05% in annual terms.

The activity of "Construction" increased by 14.04%, followed by the group of activities of "Public Administration, Education and Health", which increased by 7.71%.

"Real Estate Activity" recorded an increase of 5.91%, the group of "Professional Activities and Administrative Services" recorded an increase of 5.54%, the group of activities "Trade, Transport, Accommodation and Food Service" had an increase of 4.63%, "Financial and Insurance Activity" marked an increase of 2.83%, the group of activities "Information and Communication" marked an increase of 2.14% and the group of activities "Arts, entertainment and recreation, other activities service" increased by 1.97%.

Net taxes on products increased by 2.80%.

Population consumption increased by 3.7%

GDP according to the expenditure method The main components of the GDP according to the expenditure method, for the first quarter of 2024, compared to the first quarter of 2023, are presented as follows:

- The final consumption of the population, which constitutes the main share of expenses in the economy, increased by 3.71%;

- Final consumption of the government appeared with an increase of 3.45%;

– The component of gross fixed capital formation increased by 7.67%;

- Exports of goods and services decreased by 9.94%, while Imports of goods and services increased by 7.61%.

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