On the expenditure side, household spending rose at a slower pace (1.4 percent compared to 1.8 percent in the previous period) while government spending rebounded (0.3 percent compared to -0.3 percent). Also, gross fixed capital formation rose the most since the second quarter of 2013 (7.8 percent compared to 3 percent); exports recovered (2.6 percent compared to -2.9 percent) and imports jumped 13.5 percent, the most since the second quarter of 2011 and after a 6.5 percent gain in the previous period.
On the production side, the services sector rose 1.2 percent, slightly higher than 1.1 percent in the previous period, with transportation (2.9 percent compared to 1.1 percent); financial services (1.1 percent compared to 0.5 percent); real estate (3.2 percent compared to 3 percent) rising faster while internal trade (1.6 percent compared to 2 percent) slowed. The industrial sector advanced 0.8 percent, the same as in the previous quarter. The mining sector expanded at a faster pace (0.7 percent compared to 0.5 percent) while manufacturing (1.6 percent compared to 1.7 percent) and utilities (0.5 percent compared to 3.1 percent) rose much less and construction continued to contract (-1 percent compared to -2.7 percent). The agriculture sector went up 2.5 percent after a 0.3 percent rise in Q2.
On a quarterly basis, the GDP grew 0.8 percent, higher than 0.2 percent in the previous period and matching market expectations. It marks the highest growth since the first quarter of 2017.