In the first quarter, household consumption rose 0.1 percent, slowing sharply from a 0.6 percent rise in the previous quarter. Government expenditure gained 0.4 percent, compared to a 0.3 percent increase in the preceding quarter. Total gross fixed capital formation grew by 0.9 percent, faster than a 0.6 percent growth in the December quarter. Final domestic demand (excluding changes in inventories) contributed 0.4 points to GDP growth, down from 0.5 points in the prior quarter; and changes in inventories contributed 0.6 points (after -0.2 points in the prior three months).
Exports shrank by 0.7 percent, following a 1.4 percent rise in the fourth quarter, while imports went up 1.5 percent, faster than a 0.8 percent increase in the preceding quarter. The foreign trade balance contributed negatively to the economy (-0.7 points after 0.2 points in the December quarter).
Year-on-year, the GDP grew by 0.8 percent, slower than an upwardly revised 1.2 percent expansion in the last quarter 2016.