From the expenditure side, the largest contribution to growth was from inventory changes at 0.7 percentage points and household spending at 0.3 percentage points. By contrast, net trade had a negative contribution of 0.4 percentage points, while gross fixed investment subtracted 0.2 percentage points to growth.
Household consumption rose by 0.4 percent in the first quarter, after showing no growth in the previous period, while government spending was unchanged for the second straight quarter. On the other hand, gross fixed investment fell 1.4 percent, compared with an increase of 1.5 percent in the precedent period, due to lower spending on plants, machinery and armaments (-2.9 percent vs 3 percent in Q4), biological resources cultivated (-1.3 percent vs no growth), products of intellectual property (-1.3 percent vs -0.1 percent), and residential (-0.1 percent vs 0.9 percent).
Net trade contributed negatively to growth as exports fell sharply by 2.1 percent (vs 1.8 percent in Q4) and imports declined at a slower 0.9 percent (vs 0.5 percent in Q4).
From the production side, the services industries increased by 0.3 percent, the same pace as in the previous period. Positive growth was recorded within five of the seven sub-sectors of the services industries: trade, transport and accommodation (0.7 percent vs 0.8 percent in Q4); real estate activities (0.4 percent vs 0.3 percent); professional and support activities (0.7 percent vs -0.5 percent); public administration, defense, education, health (0.3 percent vs 0.2 percent); and other service activities (0.5 percent vs 0.2 percent). By contrast, a contraction was recorded for both financial and insurance activities (-2.2 percent vs 0.6 percent) and information and communication services (-0.6 percent vs -1.4 percent). In addition, agriculture surged by 4.6 percent, following five consecutive periods of contraction. Industrial output decreased by 0.1 percent (vs 0.8 percent in Q4), as manufacturing fell 0.1 percent (vs 0.8 percent in Q4) and construction output was unchanged (vs 0.7 percent in Q4).
Year-on-year, the economy grew by 1.4 percent in the first quarter, also in line with the flash estimate and after a 1.6 percent expansion in the previous three-month period.