Slow Growth in the Domestic Economy: An Analysis of the First Quarter of 2024

In the first quarter of 2024, domestic economic output increased by 0.2 percent compared to the previous quarter but fell by 1.3 percent year-on-year. Despite the decline, consumer-related services showed positive momentum, while the industrial economy remained weak and private consumption supported the economy. GDP had been stable or declining in the previous three quarters.

The construction industry continued to decline, with a 1.1 percent decrease in the first three months of the year. On the other hand, trade, transport, accommodation, and catering saw a 0.8 percent increase in value added. However, other economic services fell by 0.7 percent. Consumer demand from private households increased by 1.3 percent, while gross fixed capital formation fell by 2.7 percent.

Foreign trade momentum decreased in the first quarter as exports decreased by 0.3 percent and imports by 1.5 percent