Domestic demand grew 0.8 in the first quarter (vs 0.3 percent in Q4), with household consumption jumping 0.8 percent (vs 0.4 percent in Q4) and fixed investment rising 1.8 percent (vs 0.8 percent in Q4). Investment rebounded for both transport equipment (11.6 percent vs -5.7 percent) and other machinery and equipment (4.3 percent vs -3.1 percent) while construction spending was unchanged (vs 4.1 percent in Q4). In addition, changes in inventories contributed positively to the growth. Meanwhile, government spending expansion was flat at 0.1 percent.
Net external demand contributed negatively, as exports of goods and services were unchanged (vs 4.4 percent in Q4), while imports increased 0.6 percent (vs 3.2 percent in Q4).
Year-on-year, the economy grew 2.1 percent in the first quarter, unrevised from the preliminary estimate and following a 2.4 percent expansion in the previous period. Domestic demand advanced 2.5 percent (vs 2.4 percent in Q4), driven by households' spending (2.1 percent vs 2 percent), fixed investment (4.7 percent vs 5.9 percent), and public expenditure (0.3 percent vs 0.2 percent). Net external demand contributed negatively, as exports rose 4.6 percent (vs 7.3 percent in Q4) and imports advanced at a faster 5.4 percent (vs 7.1 percent in Q4).