This is the third consecutive quarter GDP went up and it increased at a higher rate than in the previous quarter, when the economy grew 0.5% on the year, which marked its exit from the six-year-long recession. The seasonally adjusted quarterly GDP was 0.7% higher in real terms from the previous quarter and 1.4% up from the same period of 2014, the DZS confirmed.
According to DZS figures, the rise in GDP in Q2 was on the back of higher household consumption outlays, which went up 0.6%, while the consumption of non-profit institutions serving households grew 1.5%. State consumption outlays grew 0.4%. The contribution of net foreign demand was 1.1 percentage points owing to higher exports of goods and services.
In Q2, the export of goods and services increased 10.2%, with the export of goods going up 14.1% and the export of services by 6.1%.
The import of goods and services increased 6.9%, with the import of goods going up 5.7% and the import of services 13.8%.
Gross fixed capital formation increased 0.8%.
Gross value added (GVA) in Q2 grew 1.3% in real terms compared to the same period of 2014, the DZS said. GVA increased in the manufacturing industry, mining and other industries by 2%. In the retail sector, transport and storage and in the accommodation and catering industries it grew 4.4%, while in the financial services and the insurance sector it grew 0.9%. In public administration and defence, health care and social care, it remained at the same level.
On the other hand, a real drop in GVA of 3% was recorded in agriculture, forestry and fisheries.
GVA in the construction and real estate sectors dropped 0.1%, in other services it declined 0.8% and in the information and communications sector it remained at the same level.
The biggest contribution to GDP growth in Q2 was made by the retail, transport, storage, accommodation and catering sectors, while the biggest negative contribution was that of agriculture, forestry and fisheries.