In the first quarter of 2017, capital formation increased substantially. Due to mild weather, fixed capital formation, especially in construction as well as in machinery and equipment went up markedly compared with the fourth quarter of 2016. Also, households and general government expenditure rose slightly. In addition, the development of foreign trade was more dynamic and contributed to growth as exports increased more than imports.
The economic performance in the first quarter 2017 was achieved by 43.7 million persons in employment, which was an increase of 638,000 or 1.5 percent from a year earlier.
Year-on-year, the GDP advanced 1.7 percent, compared to an upwardly revised 1.8 percent growth in the previous three months and matching market consensus.