The oil sector shrank 8.15 percent, worst than a 6.6 percent contraction a year earlier. Oil production stood at 2.18 million barrels per day (mbpd) in the first quarter of 2015, the same level as in the preceding period but 0.08mbpd lower than a year earlier. As a result, industrial production shrank 2.53 percent (+7.96 percent in Q4): Manufacturing declined 0.7 percent, boosted by oil refining (-53.85 percent) and textile apparel and footwear production (-5.23 percent); Electricity, gas, steam and water supply slowed by 27.92 percent; and mining and quarrying contracted 7.91 percent. In contrast, construction grew 11.17 percent.
Services expanded at a faster 7.04 percent, compared with a 6.15 percent rise in the previous period. Information and communication sector grew 9.49 percent; internal trade went up 6.47 percent; finance and insurance grew 9.01 percent and real estate activities increased 3.08 percent. Also, other services real GDP grew by 21.06 percent.
Agriculture expansion accelerated to 4.7 percent (+3.64 percent in Q4). Crop production was the main driver of growth in this sector with a growth share of 82.57 percent.
The economy advanced 5.94 percent in the last quarter of 2014 and 6.21 percent a year earlier.
On a quarterly basis, the GDP shrank 11.57 percent in the first quarter of 2015.