On the expenditure side, capital formation, which accounts for approximately 35 percent of domestic demand, rose by 38.9 percent (-14.4 percent in Q1) and government expenditure increased 0.6 percent (+2.6 percent in Q1). By contrast, personal consumption declined by 0.5 percent (+0.7 percent in Q1). Net Exports declined by 31.4 percent with the import increase of 11.8 percent (-10 percent in Q1) outpacing the change in exports which were broadly unchanged at -0.1 percent (-3.6 percent in Q1).
On the output side of the accounts, value added for all sectors increased in the quarter with the exception of manufacturing which was broadly unchanged (-8.7 percent in Q1). There was an increase of 5.2 percent in the building and construction sector (+2 percent in Q1). The distribution, transport, software and communications sector increased by 1.7 percent (+6.6 percent in Q1) with the other services sector increasing by 1.6 percent (+1.6 percent in Q1). Agriculture rose by 1.5 percent (-2.5 percent in Q1) while public administration and defence recorded an increase of 1.3 percent (+2.2 percent in Q1).
Compared to the same quarter of the previous year, the economy expanded 4.1 percent after growing by an upwardly revised 3.9 percent in the previous period.