However, compared to the previous quarter, GDP went down by 0.9 % (according to seasonally and calendar adjusted data at constant prices). In the second quarter GDP at current prices was worth EUR 10.4 billion.
There were signiicant variations by sector. Compared to the corresponding period of the previous year, the services sector rose by 0.5 %, but the production sector fell by 1.4 %, and total value added dropped by 0.1 %.
According to provisional data and assessments made, a rise in the agriculture sector was estimated at 7.1 %, which was affected by increased crop production (of 12.6 %).
"As a result of various external and internal influencing factors, a prolonged period of recession (drop in volume for the eight consequent quarter) was observed in manufacturing, which has decreased by 2.3%. It was affected by fall in the largest manufacturing sector – manufacture of wood and of products of wood – by 0.8 %," the CSB said.
After a sharp rise in production volume last year, in the second quarter of this year construction production volume decreased by 1.5 %, which was affected by a low demand in construction of buildings (a drop of 15.8 %).
The transport and storage sector (drop of 7.8%) was negatively affected by a drop of 7.5 % in land and pipeline transport activity, of 29.2 % in water transport sector, of 9.7 % in warehousing and support activities for transportation, and of 1.7 % in postal and courier activities. In turn a positive contribution was made by growth in the air transport sector (by 13.4 %).
Rise in this quarter is observed in accommodation and catering sector. Provision of services increased by 2.9 %, but overall growth of the sector was slowed down by a decline in catering of 0.5 %.
Despite the generally weak GDP performance, some other data also published August 30 offered a modicum of optimism. Data from the latest business tendency surveys carried out by the Central Statistical Bureau (CSB) showed that in August 2024, compared to July, the business environment improved in all economic activities: in retail trade and services sectors it was positive, but in construction and manufacturing – negative.
