In the first quarter final domestic demand added 0.3 percentage points to GDP growth, while net foreign demand and changes in inventories had no contribution.
Within domestic demand, gross fixed capital formation rose at a slower 0.6 percent, after a 1.1 percent rise in the previous quarter, especially because of the slowdown in corporate investment; and government expenditure went up 0.3 percent, compared to a 0.4 percent growth in Q4. In addition, household spending increased by 0.2 percent, the same pace as in the preceding period, as consumption of goods was stable for the second consecutive quarter while that of services slowed down slightly.
Exports declined by 0.1 percent in Q1, reversing from a 2.5 percent growth in the prior quarter, especially due to transport equipment sales. At the same time, imports were flat, after a 0.4 percent rise in the previous period.
Year-on-year, the economy expanded by 2.1 percent, following a 2.6 percent growth in the previous period.