Advanced figures showed manufacturing rebounded 1.9 percent following a 1.7 percent decline in the previous quarter. Construction also rebounded (3.3 percent vs -1.6 percent in the preceding period). Meantime, services grew at a faster clip of 0.9 percent (vs 0.3 percent), while agriculture grew much faster (6.5 percent vs 0.2 percent). In contrast, utilities plunged 5.5 percent after a 0.4 percent expansion in the fourth quarter of last year.
By expenditure, gross fixed investment rebounded 3.0 percent in the first quarter of 2018 after a 1.2 percent contraction in the previous three months; construction rebounded 2.8 percent following a 2.3 percent drop in the preceding period and facilities also rebounded (5.2 percent vs -0.7 percent), contrasting slower growth in intellectual property products (0.2 percent vs 1.1 percent). In addition, exports (4.4 percent vs -5.3 percent) and imports (5.5 percent vs -2.9 percent) also rebounded. Meantime, final consumption spending climbed 1.0 percent (vs 0.9 percent in the previous quarter), nudged by government consumption (2.5 percent vs 0.5 percent).
Year-on-year, the economy advanced 2.8 percent year-on-year in the first quarter of 2018, matching the growth recorded for the previous quarter and slightly below market expectations of a 2.9 percent climb.