Quarterly national accounts - Q1 2025

In the first quarter of 2026, the gross domestic product (GDP), expressed in chain-linked values with reference year 2020, adjusted for calendar and seasonal effects, increased by 0.3% compared to the previous quarter and by 0.8% compared to the first quarter of 2025. GDP estimates realeased last 30 April are revised upward by 0.1 percentage points.

The first quarter of 2025 had one working day less compared to the previous quarter and the same number of working days as the first quarter of 2025.

The carry-over annual GDP growth for 2026 is 0.6%, revised upward by 0.1 percentage points since April 30. Compared to the previous quarter, all main components of domestic demand showed a positive growth, with a 0.4% increase in national final consumption and a 0.7% rise in gross fixed capital formation. Exports increased by 2.2% while imports decreased by 0.7%.

Domestic demand net of inventories contributed positively by 0.4 percentage points to GDP growth: +0.3 percentage points from final consumption expenditure of households and Private Non-Profit Institutions Serving Households (NPISH), and +0.1 from gross fixed capital formation, while the contribution of general government expenditure was zero. Conversely, the change in inventories contributed negatively to the change in GDP by -1.1 percentage points, which was not fully offset by the positive contribution of net foreign demand, amounting to +0.9 percentage points.

A positive quarterly quarter on quarter growth rates were recorded for the added value of services (+0.4%), value added of industry was stationary while that of agriculture decreased by 0.5%.