Considering full year of 2015, the GDP grew by 4.79 percent, fractionally above expectations of a 4.75 percent expansion but marking the slowest growth since 2009.
In the fourth quarter, private consumption expanded by 4.92 percent year-on-year, following a 4.96 percent growth in the preceding quarter. Government spending rose by 7.31 percent, accelerating from a 6.56 percent expansion in the September quarter. Gross fixed capital formation also grew by 6.90 percent, up from a 4.62 percent rise in the previous three months. Private non-profit expenditure expanded by 8.32 percent, as compared to a 6.39 percent growth in the preceding quarter. In contrast, exports fell 6.44 percent, following a 0.69 percent decline in the third quarter. Imports also dropped by 8.05 percent, after registering a 6.11 percent contraction in the three months to September.
On the production side, mining and quarrying sector contracted by 7.91 percent year-on-year, following a 5.64 percent drop in the third quarter. In contrast, finance & insurance sector recorded the highest annual growth rate of 12.52 percent, followed by information and communication (+9.74 percent); construction (+8.24 percent), other services (+8.15 percent), business services (+8.13 percent), transport & storage (+7.67 percent), healthcare (+7.44 percent), water ann waste management (+6.77 percent), social services (+6.70 percent), hotel and restaurants (+5.79 percent), education (+5.32 percent), percent), manufacturing (+4.35 percent), real estate (+4.25 percent), wholesale and retai; trade (+2.77 percent), electricity and gas (+1.81 percent) and agriculture (+1.57 percent).
On a quarter-on-quarter basis, the economy shrank 1.83 percent, following an upwardly revised 3.36 percent growth in the September quarter. Private consumption grew 0.01 percent, slowing sharply from a 3.53 percent in the September quarter. Government spending rose 41.30 percent, surging from a 9.26 percent expansion in the preceding quarter. Private non-profit spending also expanded by 2.75 percent, after registering a 4.33 percent rise in the previous three months. Investment advanced by 5.01 percent, accelerating from a 3.51 percent. Exports fell by 1.85 percent from a 0.02 percent contraction while imports rose 5.70 percent, as compared to a 4.20 percent contraction in the third quarter.