On the expenditure side, gross fixed capital formation grew by 4.36 percent year-on-year, accelerating from a 4.27 percent expansion in the preceding quarter. Private consumption rose by 5.01 percent, the same pace as in the previous period while government spending expanded by 2.21 percent, slowing from a 2.83 percent growth in the fourth quarter 2014. Exports fell 0.53 percent , following a 4.53 percent decline in the fourth quarter. Imports also declined by 2.20 percent, following a 3.22 percent growth in the December quarter. Non-profit institution serving household spending shrank 8.25 percent, following a 0.23 percent contraction in the previous quarter.
On the production side, mining and quarrying sector contracted by 2.32 percent year-on-year, following a 2.22 percent expansion in the December quarter. In contrast, communication and information sector recorded the highest annual growth rate of 10.53 percent, followed by other services (+8.0 percent); finance and insurance (+7.57 percent); companies services (+7.36 percent); health services and social activities (+7.34 percent); transport and warehouse (+6.35 percent); construction (+6.04 percent); education services (+5.92 percent); real estate (+5.26 percent); goverment administration, defense and mandatory social security (+4.71 percent); manufacturing (+3.87 percent); agriculture, forestry (+3.80 percent); wholesale and retail trading, bicycle and car reparation (+3.66 percent); water supply, waste handling and recycling (+2.27 percent) and gas and electricity (+1.55 percent).
On a quarter-on-quarter basis, the economy shrank 0.18 percent, following a 2.06 percent contraction in the previous quarter. Private consumption rose 0.11 percent (0.03 percent growth in the fourth quarter). Government consumption contracted by 48.68 percent (from 43.28 percent growth) and non-profit institutions serving households spending declined by 1.19 percent (from +1.46 percent). Investment contracted by 4.72 percent (from +2.99 percent), exports declined by 5.98 percent (from +4.32 percent) and imports fell by 9.98 percent.