In the first quarter final domestic demand added 0.2 percentage points to GDP growth (vs 0.3 percentage points previously estimated), while net foreign demand and changes in inventories had no contribution.
Within domestic demand, gross fixed capital formation rose at a slower 0.2 percent in Q1 (vs 0.6 percent previously estimated), after a 0.9 percent rise in the previous quarter, especially because of the slowdown in corporate investment (0.1 percent vs 1.2 percent in Q4). In addition, household spending increased by 0.1 percent (vs 0.2 percent previously estimated), following a 0.2 percent gain in the preceding period, as consumption of goods slightly diminished for the second consecutive quarter while that of services slowed down slightly (0.4 percent vs 0.5 percent in Q4). Meanwhile, government expenditure went up 0.5 percent (vs 0.3 percent previously estimated), compared to a 0.4 percent growth in Q4.
Exports declined by 0.3 percent in Q1 (vs -0.1 percent previously estimated), reversing from a 2.3 percent growth in the prior quarter, especially due to lower transport equipment sales. At the same time, imports dropped 0.3 percent (vs flat reading previously estimated), after a 0.1 percent rise in the previous period.
Year-on-year, the economy expanded by 2.2 percent in the first quarter, slightly above a flash reading of 2.1 percent and following an upwardly revised 2.8 percent growth in the previous period.