In Q4 2016, GDP in volume terms accelerated: +0.4%, after +0.2% in Q3. On average over the year, GDP rose by 1.1%, practically as much as in 2015 (+1.2%). Without working day adjustment, GDP growth amounts to +1.2% in 2016, after +1.3% in 2015.

Household consumption expenditures accelerated in Q4 (+0.6% after +0.1%), as well as total gross fixed capital formation (GFCF; +0.4% after +0.2%). All in all, final domestic demand excluding inventory changes gathered momentum, contributing more to GDP growth: +0.5 points after +0.2 points.

Exports were more dynamic (+1.3% after +0.8%) while imports slowed down (+1.0% after +2.7%). All in all, foreign trade balance contributed slightly to GDP growth in Q4: +0.1 points after −0.6 points. Conversely, changes in inventories contributed negatively (−0.1 points after +0.7 points).