In Q1, the gross domestic product (GDP) registered a seasonally adjusted rise by 0.7 per cent compared to Q4 of 2010 and 1.7 per cent gross series rise on a year on year basis, primarily supported by industry, in the context of an important export growth, according to data published by the National Statistics Institute (INS). The industry had the best performance both compared to Q1 2010, with a gross series rise by 10.1 per cent and compared to the previous quarter, with a rise of 3 per cent. At the same time, export was up 23.6 per cent compared to Q1 and 10.6 per cent compared to Q4. However, the net export retains a negative contribution.
According to INS, compared to the first quarter of 2010, the industry was followed by commerce, passenger and home appliance repairs; hotels and restaurants, transport and telecommunications with a plus of 1.1 per cent. More notable reductions in the volume of work compared to the similar period of 2010 were reported in other service activities (-6.1per cent), financial activities, real estate, leasing and company services (-3.2 per cent) and constructions (-2.4 per cent). A smaller decrease came from agriculture (-0.4 per cent). The consequence of the positive trend of the gross added value in the overall economy is that the volume of per product taxes collected to the state budget increased, with the net per product tax posting 1.3 per cent rise.