In the fourth quarter, private consumption expanded by 4.99 percent year-on-year, slower than a 5.01 percent growth in the preceding quarter. Government spending fell by 4.05 percent, faster than a 2.95 percent decline in the September quarter. Gross fixed capital formation grew by 4.80 percent, compared to a 4.24 percent rise in the previous three months. Private non-profit expenditure expanded by 6.72 percent, as compared to a 6.64 percent growth in the preceding quarter. Exports increased by 4.24 percent, shifting from a 5.65 contraction in previous quarter. Imports also rose by 2.82 percent, after registering a 3.67 percent decline.
On the production side, growth eased for most sectors: other services (7.69 percent from 7.71 percent in the prior quarter), business services (6.83 percent from 6.95 percent), hotel and restaurants (4.47 percent from 4.68 percent), construction (4.21 percent from 4.95 percent), finance (4.18 percent from 9.04 percent), healthcare (4.10 percent from 4.49 percent), real estate (3.65 percent from 3.97 percent), manufacturing (3.36 percent from 4.52 percent), electricity and gas (3.14 percent from 4.88 percent) and government administration (0.27 percent from 3.80 percent). In contrast, activities rose at a faster pace for information (9.57 percent from 8.95 percent); agriculture (5.31 percent from 3.03 percent), wholesale (3.90 percent from 3.59 percent), education (3.12 percent from 1.95 percent), water and waste management (2.66 percent from 2.36 percent) and mining (1.60 percent from 0.29 percent).
On a quarter-on-quarter basis, the economy shrank 1.77 percent, following a downwardly revised 3.13 percent growth in the September quarter. It was the first contraction in three quarters and in line with markets estimates of a 1.80 percent decline.
Considering full 2016, the GDP grew by 5.02 percent, compared to an upwardly revised a 4.88 percent in 2015 and slightly below market expectations of a 5.03 percent expansion.