On the expenditure side, government spending contracted by 49.45 percent year-on-year in the first quarter, reversing from a 41.30 percent expansion in the preceding quarter. Private non-profit spending dropped by 2.91 percent, after expanding 2.75 percent in the previous three months. Investment shrank 5.75 percent, as compared to a 5.01 percent growth in the fourth quarter. In contrast, private consumption grew 0.17 percent, following a 0.01 percent rise in the December quarter. Exports fell by 3.44 percent from a 1.85 percent drop while imports also declined by 6.24 percent after gaining 5.70 percent in the fourth quarter.
On the production side, education service contracted the most by 11.26 percent, followed by public administration and defence; compulsory social security (-7.96 percent), construction (-6.27 percent), health and social services (-5.52 percent), gas & electricity (-1.98 percent), transportation & storage (-1.5 percent), water supply and waste management (-0.96 percent), manufacturing (-0.29 percent) and mining & quarrying (-0.27 percent). In contrast, the agriculture and forestry sector grew the most by 14.43 percent, followed corporate services (+2.25 percent), by real estate (+1.77 percent), other services (+1.6 percent), communication and information (+1.0 percent) and financial and insurance (+0.2 percent).
Year-on-year, the economy expanded by 4.92 percent year-on-year in the first quarter of 2016, as slowing from a 5.04 percent growth in the December quarter 2015 and below market consensus of a 5.05 percent expansion.