Economy grew by 2.72% in the first 3 months

The Gross Domestic Product (GDP) in the first quarter of 2023 increased by 2.72%, compared to the first quarter of 2022.

According to the report published on Monday by the Institute of Statistics (INSTAT), during this period agriculture saw an increase of 0.04%, industry, including energy, an increase of 1.23%, construction an increase of 4.54%.

Trade, transport, accommodation and food service also recorded an increase of 3.52%.

The group of information and communication activities saw an increase of 6.29%. While the financial and insurance activity has recorded an increase of 5.15%.

Real estate activity recorded an increase of 11.02%. While net taxes on products decreased by 2.81%.

The data show that the final consumption of the population, which accounts for  the main share of expenses in the economy, increased by 3.05%. The final consumption of the government recorded an increase of 4.34%.

The component of gross fixed capital formation, otherwise referred to as investments, increased by 6.99%.

Exports of goods and services increased by 8.28%, while imports of goods and services increased by 7.23%.