Gross Value Added, that is, GDP excluding taxes grew 4.9 percent in the three months to June, easing from a 5.7 percent expansion in the previous quarter. Output growth slowed in manufacturing (0.6 percent from 3.1 percent in Q1); construction (5.7 percent from 7.1 percent); mining (2.7 percent from 4.2 percent); public administration and defence (8.5 percent from 10.7 percent); and financial, real estate and professional services (5.9 percent from 9.5 percent). On the other hand, agriculture, forestry and fishing activities rose 2 percent, rebounding from a 0.1 percent contraction in the previous quarter and trade, hotel, transport, communication and services related to broadcasting went up 7.1 percent, faster than a 6 percent in Q1.
On the expenditure side, household spending accounted for 55.1 percent of the GDP (56.8 percent in Q1); gross fixed capital formation for 32.5 percent (30.7 percent in Q1); public expenditure for 11.8 percent (9.9 percent in Q1); and changes in stocks for 1.1 percent, the same as in the first quarter of 2019. Exports accounted for 20.6 percent (20 percent in Q1) while imports subtracted 25.1 percent (-23.3 percent in Q1).
Slower growth rates were recorded in household spending (3.1 percent from 7.2 percent in Q1) and government consumption (8.9 percent from 13.2 percent). In contrast, gross fixed capital formation (4 percent from 3.6 percent) and inventories (2.1 percent from 1 percent) rose further. Net external trade contributed positevely to the GDP, as exports went up 5.7 percent (vs 10.6 percent in Q1) and imports increased at a softer 4.2 percent (vs 13.3 percent in Q1).