The fourh-quarter expansion was driven by household consumption (0.5 percent vs 0.1 percent in Q3), fixed investment (3.7 percent vs -2.4 percent) and government spending (0.5 percent vs -0.1 percent). Meantime, inventory changes were neutral, while net external demand contributed negatively to the GDP growth as exports fell 1.5 percent (vs 1.6 percent in Q3) and imports declined at a softer 1.3 percent (vs 0.9 percent in Q3).
Year-on-year, the economy grew 2.2 percent, faster than a preliminary estimate of 2 percent and compared to the previous period's 2.4 percent expansion. Private consumption growth accelerated to 2.2 percent from 1.9 percent and fixed investment advanced 4.4 percent, faster than 0.6 percent in Q3. In addition, net foreign demand contributed positively to the GDP growth as exports rose 1.5 percent (vs 3.4 percent in Q3) and imports went up at a softer 1.1 percent (vs 2.7 percent in Q3). Meanwhile, a negative contribution was made by inventory changes (-0.1 percentage points vs 0.9 percentage points in Q3).
Considering 2018 full year, the GDP rose 2.7 percent, easing from a 2.9 percent increase in 2017.