According to the second estimate, the unadjusted GDP was down 0.4% on an annual basis in the third quarter, while the seasonally and calendar-adjusted volume decreased by 0.3%. Compared to the previous quarter, the GDP increased by 0.9%, following three quarters of decline and a one-quarter-long stagnation.
On the production side, the continuing moderate decrease in industry and a markedly milder decrease in construction was accompanied by a further dramatic acceleration in the agricultural growth rate (to about 88%. On the other hand, the rate of fall in the services sector slightly accelerated, instead of flattening out, mostly due to the steeper drop in transport and the professional, scientific, administrative and support services. According to the CSO, the output of the health sector continues to grow at a steep pace.
On the expenditure side, the fall in private consumption decelerated further (to -0.9%), while the negative contribution of the change in inventories moderated spectacularly. On the other hand, the year-on-year pace of decline in fixed capital accumulation still exceeds 15%. On balance, the pace of decrease in final domestic use moderated considerably. At the same time, net export continued to make a massive contribution to economic growth, due to the simultaneous steep decline in the export of goods (by about 5%) and the freefall in the import of goods (by about 10%).
