Year-on-year, government spending eased sharply (1.7 percent vs 7.1 percent in Q3), fixed investment contracted further (-5 percent vs -2.4 percent) and external trade contributed negatively to growth as exports declined 2 percent (from 0.1 percent in Q3) and imports were flat (from -2 percent in Q3). On the positive note, household expenditure grew slightly more (2.4 percent vs 2.3 percent in Q3).
On the production side, growth eased for internal trade (3 percent from 3.4 percent in Q3); transport (2 percent from 4.2 percent in Q3); communications (1.7 percent from 2.6 percent in Q3) and personal services (3 percent from 6.1 percent in Q3).Business services declined 3.5 percent (from -2.1 percent in Q3); mining fell 3.3 percent (from -0.8 percent in Q3) driven by lower production of copper (- 3 percent) and manufacturing decreased 2.2 percent (from -0.8 percent in Q3), dragged down by beverages and tobacco (-2.2 percent), chemicals (-4.4 percent) and non-metallic minerals and metals (-8.5 percent). Also, construction edged down 0.2 percent (from 2.2 percent in Q3) and utilities fell sharply (-7.6 percent from -2.8 percent in Q3). In contrast, output rose faster for financial services (2.9 percent from 2.7 percent in Q3); agriculture (8.3 percent from 2 percent in Q3) and fishing (1.6 percent from 0.8 percent in Q3).
On a quarterly basis, the economy contracted 0.4 percent compared to an upwardly revised 0.9 percent expansion in the previous three months.
Considering full 2016, mining production shrank 2.9 percent (after being flat in 2015), mainly due to copper (-2.7 percent compared to 0.1 percent). Contractions were also recorded in manufacturing (-0.9 percent from 0.2 percent in 2015) and business services (-1.8 percent compared to 1.2 percent). In addition, production slowed in agriculture (4.5 percent compared to 9.8 percent), mainly due to wine; construction (2.5 percent compared to 3.9 percent); financial services (3.7 percent compared to 5.4 percent); transport (3.3 percent compared to 3.7 percent) and restaurants and hotels (0 percent compared to 2.9 percent). In contrast, activities rose faster in internal trade (3.4 percent compared to 2.3 percent), personal services (5.2 percent compared to 1.8 percent) and real estate (2.7 percent compared to 2.2 percent).