GDP up 2.4% in Q3

151204_GDP_EN_1, a rate slightly above the 2.3% indicated by the preliminary data. The quarter-on-quarter growth rate hit 0.6%, also a slight upward correction from the preliminary reading.

On the production side, the upward leap in the growth rate of services, to 3.7%, is the most remarkable feature of the third quarter growth. As a result of the unexpectedly steep growth in services, GDP not including agriculture easily grew at a rate above 3%, even as industrial growth decelerated somewhat more markedly than expected (to 5.2%), and the value added of construction declined by 0.3%.

But agricultural value added plummeted again, by 18,4%, which is not a real surprise in the light of the available information on the sector, and this is still the decisive factor that pulled overall growth rate below 2.5% in the third quarter.

On the expenditure side, the change in the perc151204_GDP_EN_2eived trend of household consumption expenditures should be highlighted. The previously known data suggested that consumption expenditures were gaining momentum, but after the retrospective correction of the data on the first half of the year, consumption expenditures seem to be stuck in a decelerating trend, from a growth rate of 3.1% in Q1 to a less satisfactory growth rate of 2.7% in Q3. The actual consumption of households was up 2.6% in the third quarter, which was the main factor behind the lower-than-expected overall growth.

On the other hand, net exports surpassed expectations: export growth beat import growth, unlike in the data provided by the external trade statistics, both in the case of trade of goods and services. Even so, the growth contribution of net exports contracted compared to the first half, and also trailed somewhat behind the growth contribution of private consumption.