The Republic Statistical Office reported today that the real gross domestic product (GDP) experienced a significant 4.7 percent growth in the first quarter of this year compared to the same period in 2023. Additionally, seasonally adjusted data reveals a 0.8 percent increase in GDP for the first quarter of 2024 compared to the previous quarter.
Analyzing by sectors, notable real growth in gross value added was observed in various sectors during the first quarter of this year compared to the same period last year. Specifically, the wholesale and retail trade, repair of motor vehicles, transportation and storage, and accommodation and food service activities sector saw a robust growth of 7.3 percent. Similarly, the industry, water supply, and waste management sector experienced a 2.9 percent growth, while construction showed an impressive growth rate of 14.2 percent.
When examining GDP usage aggregates for the first quarter of this year compared to the same period last year, growth was evident across all categories. Household final consumption expenditure increased by 4.4 percent, final consumption expenditure of non-profit institutions serving households rose by 5.1 percent, and government final consumption expenditure grew by 3.6 percent. Furthermore, gross fixed capital formation increased by 7.3 percent, exports of goods and services by 1.1 percent, and imports of goods and services by 3.2 percent.
