Charts of the Week
Charts of the week from 10 to 14 February 2025: GDP, production volume in manufacturing, activity in construction and current account of the balance of payments (copy 1)
In 2024, GDP expanded by 1.6% in real terms. As expected, government consumption grew strongly, and exports performed better than anticipated. Private consumption increased year-on-year, while fixed capital formation declined. The volume of construction investment declined. Construction activity picked up at the end of the year but was 9.0% lower in 2024 compared to 2023. Manufacturing output and value added increased in the fourth quarter, with total output in 2024 exceeding the previous year's level by 1.2%. Most energy-intensive industries recorded strong growth (following a decline during the energy crisis), and some large, more technology-intensive industries also recorded robust growth. In 2024, the current account surplus rose to EUR 3.3 billion, driven primarily by higher goods trade balance.
Current account of the balance of payments, December 2024
In 2024, the current account surplus rose by EUR 426 million to EUR 3.3 billion. The main contributor to the surplus was higher goods trade balance, as goods exports increased more sharply than imports in nominal terms. The terms of trade had a positive impact on the change in the nominal goods trade balance (EUR 247 million), contributing EUR 385 million, while quantity fluctuations had a negative impact (EUR -138 million). The surplus in trade in services remained high, especially in trade in technical, trade-related services, but partly also in certain knowledge-based services (telecommunications, computer and information services, financial services and R&D services). The primary income deficit was lower mainly due to lower net outflows from equity income (dividends and profits) and higher net interest receipts from abroad. The lower secondary income deficit resulted mostly from higher net higher transfers to the private sector.