Household consumption dropped by an annual 1.2 percent due to declines in consumption of durable goods. In particular, motor vehicles contracted after the expiration of the First Car Tax Rebate Scheme. In contrast, government consumption grew by 7.4 percent.
Total investment decreased by 6.5 percent yoy. Private investment contracted by 3.3 percent, reflecting a fall in machinery and equipment coupled with a slowdown in construction. Public investment also fell by 16.2 percent as both government construction and investment in machinery and equipment declined.
Net exports of goods and services increased significantly by 18.6 percent, compared to a 6.0 percent decline in the previous quarter. This consists of a 1.4 percent fall in exports of goods, and a 25.5 percent expansion in service receipt. At the same time, imports of goods decreased by 0.5 percent while service payment increased by 7.4 percent.
On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.3 percent, compared to 0.0% in the previous quarter.