On the expenditure side, growth in the first quarter was driven by increases in domestic demand (+1.3 percent in Q1 from 0.0 percent in Q4 2014), public spending (+5.6 percent from +5.5 percent) and household consumption (+1.6 percent from +1.0 percent). Exports of goods and services slowed to 1.4 percent from 1.7 percent in the previous quarter, while imports shrank 2.0 percent. In contrast, gross fixed capital formation fell 1.7 percent after a 0.5 percent growth in the previous quarter. While expenditure on machinery and equipment products decreased by 7.4 percent, expenditure on building and construction increased by 1.1 percent.
On the production side, the agriculture and forestry sector grew 8.5 percent compared to a year earlier. Mining went up by 3.3 percent led by better performance of mining copper (+2.8 percent). Construction activities rose 2.0 percent while electricity, gas and water advanced only 1.5 percent due to weaker performance of power generation. On the other hand, the fishing sector declined 13.5 percent, continuing the downward trend recorded since the third quarter of 2014.
On a quarterly seasonally adjusted basis, the GDP advanced 1.0 percent, as domestic demand grew 0.4 percent, down from a 2.0 percent increase in the previous quarter.