Anyone who digs deeper into the new, more accurate figures from the Institute for National Accounts will encounter a mixed picture. For example, compared to the April-June period, added value in industry has fallen by 0.5 percent. But activity growth remained positive in the services sector (+0.7 percent) and in the construction industry (+0.6 percent).
Furthermore, it appears that household consumption has increased by 0.3 percent compared to the second quarter. “This increase is mainly supported by purchases of durable goods. Investments in housing decreased by 1.2 percent.” Government consumption expenditure and government investments increased by 0.4 and 1.8 percent respectively. Business investments increased strongly, by 2.1 percent.
Furthermore, exports of goods and services have fallen more sharply (-1.9 percent) than imports (-1.8 percent). Net exports had a negative impact on GDP change. Finally, it appears that domestic employment increased further on a quarterly basis: +0.2 percent or 12,700 people. Compared to a year earlier, this is plus 0.7 percent or 35,000 more people. In the second quarter there was 0.3 percent growth, in the first quarter of this year it was 0.4 percent.