Manufacturing output rose significantly in the first quarter owing to the acceleration at the beginning of the year. January’s strong growth was followed by a decline in the next two months, but production nevertheless remained high. In the last twelve months, it increased the most in high- and low-technology industries. In medium-technology industries, growth was modest, reflecting the impact of last year’s easing of activity in the EU car industry on the production of motor vehicles and some intermediate goods (particularly the metal and rubber industries).

Real exports and imports rose in the first quarter. Despite the decline in March, exports were up 7.7% year on year in the first quarter, largely owing to increased exports of pharmaceutical and medical products. Uncertainty in the international environment is reflected in a further lowering of export expectations. Imports increased with the strengthening of private consumption, particularly imports of consumer goods.