According to a preliminary report, households’ consumption expenditure decelerated sharply (+0.1 percent after +0.9 percent in the previous quarter). Government expenditure expanded by 0.3 percent, slowing from a 0.5 percent growth in the preceding quarter. In contrast, total gross fixed capital formation declined by 0.3 percent, after remaining flat in the March quarter. Final domestic demand (excluding changes in inventories) decelerated strongly, contributing +0.1 points to GDP growth (after +0.6 points in Q1 2015).
Exports expanded by 1.7 percent, accelerating from from a 1.3 percent expansion in the previous quarter. Imports grew 0.6 percent, slowing from a 2.2 percent growth in the first quarter of 2015. The foreign trade balance contributed positively to the economy (+0.3 points after -0.3 points in the previous quarter). In contrast, changes in inventories contributed negatively: -0.4 points after +0.3 points in the March quarter.
Year-on-year, the GDP grew 1.0 percent in the second quarter, accelerating from a 0.8 percent expansion in the previous period.