On the expenditure side, net exports expanded by €991m, largely driven by higher exports (+2.3 percent) which were enough to offset the 0.6 percent rise in imports. Also, personal consumption rose by 1.2 percent, while government expenditure decreased by 0.4 percent and capital formation declined 3.1 percent.
On the production side, the distribution, transport, software and communications sector increased by 2.1 per cent and the other services sector by 0.3 per cent. There was an overall increase of 0.5 per cent in industry, within which building and construction recorded a 3.2 per cent increase in real terms. Public administration and defence recorded a decrease of 0.5 per cent. Meanwhile, the agriculture, forestry and fishing sector contracted by 30 percent.
Year-on-year, the economy advanced 6.5 percent, compared to an upwardly revised 6 percent in Q4, as capital investment, public spending and personal expenditure rose by 4 percent, 5.9 percent and 3.8 percent, respectively. Also, net exports were €937m higher. On the output side of the accounts, industry sector (including building and construction) increased by 9 percent; distribution, transport, software and communication by 6.5 percent; agriculture, forestry and fishing by 5.9 percent; and other services by 4.4 percent. The only decrease recorded was for public administration and defence (-5.5 percent).