Final estimates for the second quarter of 2014 confirmed the economy accelerated from a 0.4 percent expansion in the first three months of the year, marking its fourth consecutive quarter of growth.
Household consumption expanded at a faster 0.7 percent (0.5 percent in Q1) and gross fixed capital formation increased 0.5 percent, recovering from a 0.7 percent fall in the previous period, mainly driven by construction investment. Meanwhile, exports gained 1.3 percent, following a 1 percent fall in the first quarter, but imports rose at a faster 1.5 percent. In contrast, government consumption slowed sharply and grew a meager 0.1 percent (4.4 percent in Q1).
On the production side, real estate activities grew the most (1.9 percent), followed by trade, transport and hotels (1.7 percent) and information and communication activities (1.4 percent). The construction sector rebounded and posted a 0.9 percent expansion. Manufacturing production slowed to 0.7 percent while agricultural output shrank 5.9 percent.
Year-on-year, the economy advanced 1.2 percent in the second quarter of 2014, accelerating from a 0.5 percent expansion in the first three months of the year.