Personal consumption spending contributed 1.5 percentage points to last yearʼs growth, the largest contribution since 2003. The growth impact coming from investments dropped to just 0.4 of a percentage point from an outstanding 3.9 percentage points in 2014. Net exports added 1 percentage point to the 2015 pace after reducing it in 2014.
GDP growth slowed to an unadjusted and workday-adjusted 2.9% from an unadjusted 3.7% and a workday-adjusted 3.6% increase in 2014.
GDP was driven by continued rapid growth in manufacturing and, to a lesser extent, in some areas of services. GDP was up 6.3% in industry and rose 7.1% in the manufacturing sector, at a slightly faster pace than in the previous year.
GDP in construction was up 2.9% last year after a 12.3% expansion in 2014.
GDP in agriculture contracted 12.9% after a 13.9% rise in 2014.
Gross value add rose 2.8% in services, driven by commerce, where growth picked up to 5.7%, and by infocommunications, which expanded 2.9%. Gross value add in the financial sector contracted for the tenth year in a row, although the decrease slowed to just 0.2%. The real estate branch, which includes home construction, expanded 1.1% after a slight contraction in 2014. Among branches with relatively small weights, scientific activities showed growth of over 5% for the third year in a row, while GDP growth in arts and culture slowed to a still strong 6%.
GDP produced by public administration and defense rose 0.6% last year after a 3.8% drop in 2014.
KSH gave no detailed data on health, social care, education or utilities.
On the utilization side, household consumption spending rose 3.1%, faster than in any year since 2003, while public consumption and investments rose only moderately, by 0.6% and 1.9%, respectively, after big increases in 2014.
Final consumption rose 2.3% in 2014, the most in ten years, while the growth of domestic utilization slowed to 1.9% from 4.2% in 2014, pushed up by the rise in investments.
Foreign trade continued to expand at a rapid rate with export growth accelerating to 8.4%, while import growth slowed to 7.8%.
Net exports again contributed to GDP growth last year, making 2014 an exception.
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