QUARTERLY INCOME STATEMENTS - THIRD QUARTER 2023

In the third quarter of 2023, gross domestic product (GDP), expressed in chain-linked values with the reference year 2015, adjusted for calendar effects and seasonally adjusted, grew by 0.1% both compared to the previous quarter and compared to the third quarter of 2022.

The quarterly GDP growth released on 31 October 2023 was nil, as was the trend growth.

The third quarter of 2023 had three more workdays than the previous quarter and one fewer workday than the third quarter of 2022.

The change acquired for 2023 is +0.7%, the same as that estimated on 31 October 2023.

Compared to the previous quarter, among the main aggregates of domestic demand, domestic final consumption grew by 0.6%, while gross fixed capital formation fell by 0.1%. Imports fell by 2% and exports increased by 0.6%.

National demand, net of inventories, contributed +0.4 percentage points to GDP growth: +0.4 for consumption by households and private social institutions, while the contribution of both gross fixed capital formation and general government (PA) expenditure was nil. The change in inventories contributed negatively to the change in GDP by 1.3 percentage points, while the contribution of net foreign demand was equal to one percentage point.

There were negative quarterly trends in value added in agriculture, forestry and fisheries (-1.2%) and positive developments in both industry and services (+0.3% and +0.1% respectively).

Commentary

The complete estimate of the quarterly economic accounts shows a GDP growth of 0.1% in both quarterly and trend terms. These measures represent an upward revision compared to the preliminary estimate released at the end of October, when the growth rate was zero in both quarterly and trend terms, while the growth achieved for 2023 remains unchanged (+0.7%).

Both household and ISP consumption contributed 0.4 percentage points and net foreign demand by one percentage point contributed positively to the slight GDP growth, while changes in inventories made a negative contribution. The contribution of both gross fixed capital formation and general government expenditure was nil. The value added of industry grew by 0.3% and that of services by 0.1%, while the primary sector continued to decline (-1.2%).

Positive trends in job positions, work units and hours worked, which grew by 0.1%, 0.2% and 0.4% respectively, as did per capita income, which grew by 1.1%.

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