On the expenditure side of the accounts, household consumption dropped by 0.3 percent in the first quarter, following a 0.6 percent increase in the previous three-month period; while net exports declined by 13.2 percent, as exports slumped 5.8 percent (vs 6.9 percent in Q4) and imports fell at a softer 2.5 percent (vs 4.4 percent in Q4). In addition, there was a slowdown in both fixed investment (0.6 percent vs 12.8 percent) and government spending (0.4 percent vs 1.1 percent).
On the output side, industry made the largest negative contribution to the Q1 result, falling by 9.7 percent (vs 4.1 percent in Q4), within which manufacturing recorded a 10.6 percent contraction (vs 4.2 percent in Q4). Decreases were also recorded in arts and entertainment (-3.7 percent vs 4.6 percent), professional and admin services (-2.7 percent vs unchanged), agriculture (-1.6 percent vs -4.3 percent) and distribution, transport, hotels and restaurants (-1.1 percent vs 1 percent). On the other hand, growth was seen in information and communication (13.7 percent vs -3.1 percent), public administration, education and health (2.4 percent vs 1.2 percent) and real estate activities (0.8 percent vs 0.4 percent).
Compared with the same quarter of the previous year, the GDP expanded by 9.1 percent in the first quarter, following a downwardly revised 6.5 percent growth in the previous period.