The domestic economy grew by 5.2 percent in the first quarter of 2015 from 5.6 percent the previous year. The main driver of GDP growth for the quarter was the Services Sector which grew by 5.6 percent from 6.8 percent. Industry, on the other hand, accelerated to 5.5 percent from 5.4 percent posted last year. Similarly, the Agriculture sector accelerated to 1.6 percent from 0.6 percent.
Among the three major economic sectors, Services gave the highest contribution to the GDP growth in the first quarter of 2015 contributing 3.1 percentage points followed by Industry 1.9 percentage points, and the whole Agriculture sector 0.2 percentage point.
Net Primary Income from the Rest of the World grew by 2.7 percent from 11.1 percent in the first quarter of 2014. This, together with the GDP performance, resulted to GNI’s growth of 4.7 percent from 6.6 percent in the first quarter of 2014.
With the country’s projected population reaching 100.9 million in the first quarter of 2015, per capita GDP grew by 3.4 percent from 3.8 percent while per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 3.0 percent and 3.6 percent from 4.8 percent and 4.3 percent, respectively.