Household consumption increased 0.7 percent, higher than 0.6 percent in the previous period while government spending declined 0.2 percent (+0.5 percent in the previous quarter). Gross fixed capital formation went up 0.5 percent, recovering from a 0.1 percent contraction, mainly due to a rebound in intellectual property (1.5 percent from -1 percent) and an acceleration in construction (0.7 percent from 0.1 percent). Exports went up 2 percent, recovering from a 1.2 percent decline in the previous quarter and the highest gain since the third quarter of 2015. Imports increased 1.8 percent, also rebounding from a 2 percent decline in the previous period.
Year-on-year, the GDP expanded 3 percent, in line with preliminary estimates but below 3.2 percent in the previous period. It is the lowest growth rate since the first quarter of 2015. Investment slowed (2.2 percent from 2.6 percent in the previous quarter) and government spending stalled (0.8 percent in the previous quarter) while household spending growth was steady at 3 percent. In addition, both exports (4.4 percent from 2.9 percent) and imports (2.3 percent from 1 percent) increased at a faster pace.
Considering full 2016, the economy advanced 3.2 percent, the same as in 2015.