FCIB, export credit, global credit reports, collections reports, country risk reports, international credit risk reports, global credit
My Account

Real GDP growth continued to grow robustly at +3.4% in 2016, slightly down from +3.6% in 2015. However, the GDP breakdown revealed a significant change: in 2016 growth was mostly driven by net external demand and inventories, a shift from 2015 when domestic demand was the key growth driver. Consumer spending growth decelerated to +2.1% in 2016 from +4.5% in 2015 and public spending slowed to +0.6% (+1.3% in 2015). Moreover, fixed investment dropped by -4% (after +2.7% in 2015) owing to the slowdown in EU funds absorption following the completion of the 2007-2013 programming period. However, inventories added +0.9pp to growth in 2016 (-0.2pp in 2015). Export expansion remained sound at +5.7% (unchanged from 2015) while imports slowed to +2.8% (+5.4% in 2015) thanks to low oil and energy prices, so that net exports contributed +1.9pp to growth in 2016 (+0.2pp in 2015).

Download the full report