Labor productivity increases by 1.6%
Gross domestic product (GDP) - national level - First quarter of 2026 - preliminary data
In the first quarter of 2026, the Gross Domestic Product (GDP) grew by 3.1% compared to the first quarter of 2025 and there was an increase of 0.7% compared to the fourth quarter of 2025 at the seasonally adjusted data.
First quarter of 2026
GDP, current prices
According to the preliminary data, GDP at current prices for the first quarter of 2026 is 27 330.2 million EUR. The GDP per capita is 4 262 EUR. At an average for the quarter exchange rate of 0.854477 EUR for 1 USD the GDP is 31 985 million USD, or 4 988 USD per capita.
The Gross Value Added (GVA) generated by the national economy during the first quarter of 2026 amounted to 23 836.6 million EUR at current prices.
In the first quarter of 2026, the relative share of the economic sector of Agriculture in GVA was 1.5%, which indicates a decrease of 0.1 percentage points compared to the first quarter of 2025.
The Industry sector increased its relative share in GVA of the national economy by 1.6 percentage points, to 26.7%.
The relative share of the value added of the activities in the Services sector is 71.8%, decreasing in the first quarter of 2026 by 1.5 percentage points compared to the first quarter of 2025.
In the first quarter of 2026, 81.3% of the GDP was used for final consumption expenditures. Investments (gross fixed capital formation) formed 15.7% of GDP.
The external balance of goods and services was negative.
GDP and GVA growth rates from seasonally adjusted data
Growth rates on a quarterly basis
According to the preliminary and seasonally adjusted data, in the first quarter of 2026, GDP increased by 0.7% compared to the previous quarter. For the same period, GVA increased by 0.6%.
According to the seasonally adjusted data for the first quarter of 2026, the final consumption increased by 1.7% compared to the previous quarter. Exports of goods and services decreased by 5.6% and the imports of goods and services decreased by 0.2% compared to the previous quarter, according to the seasonally adjusted data.
Growth rates on an annual basis
GDP increased by 3.1% and GVA increased by 2.5% in the first quarter of 2026 compared to the first quarter of 2025, according to the seasonally adjusted data.
The increase in Gross Value Added is determined by the growth in the following economic activities: ‘Public administration and defense; compulsory social security; education; human health and social work activities’ - by 5.6%, ‘Construction’ - by 4.3%, ‘Real estate activities’ - by 5.3%, ‘Information and communication’ - by 4.0%, ‘Financial and insurance activities’ - by 4.1%, ‘Arts, entertainment and recreation, repair of household goods and other services’ - by 1.9%, ‘Professional, scientific and technical activities; administrative and support service activities’ - by 2.6%, ‘Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities’ - by 2.5%, ‘Agriculture, forestry and fishing’ - by 1.4%.
A decline was registered in ‘Mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply, waste management and remediation activities’ - by 4.6%.
Regarding the expenditure components of GDP, the main contributor to the registered positive economic growth was the gross fixed capital formation - an increase of 18.7%, and the final consumption - an increase of 7.8%. During the first quarter of 2026, a decrease was recorded in the exports of goods and services - by 7.4%, while the imports of goods and services increased by 8.2% compared to the same quarter of the previous year.
Labour productivity, employment and hours worked - First quarter of 2026 - preliminary data
According to the preliminary data, the Gross domestic product (GDP) per person employed increased in real terms by 1.6% in the first quarter of 2026 compared to the same quarter of the previous year.
The number of persons employed in the economy is 3 518.0 thousand and the total number of hours worked is 1 437.1 million. Compared with the same quarter of the previous year the structure of employment by economic sector in the first quarter of 2026 shows an increase in the relative share of Service sector and decrease in the Agriculture and Industrial sectors.
The GDP per person employed is 7 768.7 EUR and the GDP per hour worked is 19.0 EUR.
Gross value added (GVA) per person employed in the first quarter of 2026 decreased by 0.4% compared to the first quarter of 2025. GVA per hour worked increased in real terms by 0.4%.
The GVA per person employed in the Service sector is 6 762.1 EUR and GVA per hour worked is 16.1 EUR according to the preliminary data for the first quarter of 2026. In the Industrial sector, an average of 7 422.4 EUR GVA is produced by person employed or an average of 17.5 EUR GVA per hour worked. The lowest labor productivity is in the Agricultural sector 914.5 EUR GVA per person employed and 3.0 EUR per hour worked.
