Quarterly Monetary Policy Report, 2025/III

Available data suggest that the volume of economic activity grew by 3.4% in the first quarter, driven by the increase in household consumption, public and private investments, as well as in the exports of goods and services. This performance was reflected in: further growth of employment in the non-agricultural private sector; the rise in wages; and the fall in the unemployment rate to historically low levels. Available indirect data suggest similar development trends in the second quarter as well.