Investments and public consumption contributed to an upward revision and trade balance to a downward revision of GDP growth. On balance, the growth figure is equal to that of the first estimate. Investments and the balance of trade (exports minus imports) contributed the most to economic growth. Household consumption also made a positive contribution.

In absolute terms, the adjustment in the second estimate relative to the first estimate has averaged nearly 0.09 percentage points over the past five years (2017-2021), with the two extremes ranging between -0.3 and 0.7 percentage points, both occurring in 2021, the CBS said.

With each new estimate, CBS also recalculates the seasonally adjusted series of previously published quarters. As a result, the quarter-on-quarter GDP growth rate in Q1 2022 has been adjusted from 0.5 to 0.4 per cent.

Year on year, GDP increased by 5.1 per cent in Q2. In the first estimate, the increase amounted to 5.3 per cent.

The overall picture has not changed. Household consumption, the trade balance, and investments contributed to economic growth in particular.

Fibre2Fashion News Desk (NB)