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Retail, tourism driving GDP growth

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Annual Gross Domestic Product generated €6.2 bln in the first quarter of the year, showing an increase of 3.4%, bolstered by the retail sector and tourism revenue.

Based on seasonal and working day adjusted data, the GDP growth rate in real terms during Q1 2023 is positive and estimated at 3.4% over Q1 2022.

Compared to the previous quarter, Q4 2022, there was an increase of 0.8%

The most significant increase (7.2% annually) was in wholesale and retail trade, repair of motor vehicles and motorcycles, transport and storage, accommodation and catering services.

As a result, this economic activity income reached €1.19 bln and accounted for 19.2% of generated gross income in Q1.

Information and communication activity also showed an increase of 5.8% with a generated income of €0.57 bln.

In comparison, an increase of 5.7% was recorded in Q1 in the financial and insurance activities with a generated income of €0.47 bln.

Real estate management increased by 0.7%, generating income of €0.49 bln.

A negative growth rate compared to Q4 was recorded in Agriculture, forestry and fishing (-0.1%), Public administration and defence; compulsory social security; education; health and social work (-0.4%) and real estate activities (-0.2%)