In the first quarter, both internal demand excluding inventory changes and changes in inventories contributed 0.3 points to the GDP growth, respectively; while net foreign trade contributed negatively (-0.3 points).
Within domestic demand, household consumption picked up (0.4 percent vs flat reading in Q4). Consumption of goods rebounded (0.2 percent vs -0.6 percent), mainly due to a rise in car purchase. Expenditures on energy rose (0.9 percent vs -0.3 percent) boosted by spending on fuel. Conversely, expenditures on food decreased sharply (-1.0 percent vs -0.2 percent). Meantime, consumption of services continued to rise (0.5 percent vs 0.6 percent), driven by spending on accomodation and food services. In addition, fixed investment went up 0.3 percent, following a 0.4 percent growth in the prior quarter as corporate investment growth accelerated slightly (0.5 percent vs 0.4 percent), as an increase in car purchases by businesses was almost offset by a decline in information, communication and business services. On the other hand, household investment kept falling, partly due to new housing (-0.3 percent vs -0.2 percent). Meanwhile, government expenditure advanced 0.1 percent, after a 0.4 percent rise in the previous period.
Exports edged up 0.1 percent (vs 2.2 percent in Q4), while imports grew at a faster 0.9 percent (vs 1.2 percent in Q4).
Year-on-year, the economy expanded 1.1 percent in the first quarter, after a 1 percent expansion in the previous three-month period.