The economy posted its seventh consecutive quarter of growth, as gross fixed capital formation expanded by 3.3 percent (+0.8 percent in Q3). By contrast, government spending contracted by 0.4 percent (+0.3 percent in Q3) and household consumption shrank by 0.1 percent after showing no growth in Q3. Net external demand continued to weigh on growth, as exports of goods and services grew 0.2 percent while imports rose at a faster 0.5 percent.
Year-on-year, the economy advanced by 1.6 percent, down from 1.9 percent in the previous quarter but beating market expectations of 1.2 percent growth. It was the lowest growth rate since the fourth quarter of 2014, as investment and household consumption expanded at a slower pace while government spending showed no growth. Gross fixed capital investment advanced 10 percent (+10.3 percent in Q3), as investment in passenger vehicles and houses has grown significantly. In addition, companies have spent more in equipment, telecommunications and software. Household consumption grew by 1.1 percent (+1.8 percent in Q3), as consumers spent more on housing, electrical appliances and services such as catering, recreation and culture. Meanwhile, government spending was flat (+0.3 percent in Q3) and net external demand continued to contribute negatively. Exports rose by 3.7 percent (+4 percent in Q3), boosted by sales of chemicals and transport equipment while imports grew at a faster 5.5 percent (+5.4 percent in Q3).
On the production side, business services grew strong while mineral extraction declined sharply.
Considering full 2015, GDP advanced 1.9 percent, accelerating from 1.6 percent in 2014, as investment increased by 10.3 percent (+3.5 percent in 2014) and household consumption expanded by 1.6 percent after showing no growth in the previous year.