On the supply side, construction contracted 0.3 percent after expanding 5.3 percent in Q1. Manufacturing (-0.2 percent vs +2.1 percent) and primary activity (-2.5 percent vs 5.9 percent) also decreased after growing in the previous quarter. Contrastingly, utilities advanced 2.6 percent after falling by 1.4 percent in the preceding period. Meanwhile, services grew 0.8 percent following 0.2 percent growth in the first quarter.
On the expenditure side, private consumption expanded 0.9 percent in the first quarter of 2017 (compared to 0.4 percent in the previous quarter), accelerating for the third straight quarter. Government spending also grew at a faster pace of 1.1 percent (from 0.5 percent). Contrastingly, gross fixed capital formation expanded 2.2 percent (vs 4.9 percent in Q1), mainly dragged by construction (+1.0 percent vs +6.8 percent). As for trade, exports contracted 3.0 percent after expanding 2.1 percent in the first quarter, while imports declined 1.0 percent following 4.8 percent growth.
Year-on-year, the economy advanced 2.7 percent, also matching estimates but below the 2.9 percent expansion of the previous quarter.