Exports of goods and services were up 4.6% last year, while imports of goods and services increased by 6.2%. Exports exceeded imports by EUR 3.833bn or 7.9% of GDP in 2016.

A EUR 1.4bn deficit was meanwhile generated by other parts of the rest of the world account - primary income, current transfers and capital transfers.

The deficit was up from EUR 1.064bn in 2015 due to lower income from capital transfers received from abroad.

Non-financial corporations ended 2016 with a surplus of EUR 636 million or 1.6% of GDP, financial corporations generated a surplus of EUR 275m or 0.7% of GDP, while the general government deficit in 2016 stood at EUR 609m or 1.5% of GDP.

Gross disposable income increased for the third year in a row, this time by 2%. Labour-related income, the largest component of disposable income, increased by 4.1% with the easing of austerity measures in the public sector and growth in employment, the office said.