On the expenditure side, personal consumption, which accounted for approximately 51.7 percent of domestic demand, rose 1.9 percent after contracting by 0.9 percent in Q2; and government spending growth was unchanged at 0.7 percent. Also, net exports increased by 63.1 percent due to a surge in exports (4.4 percent from 0.8 percent in Q2) while imports fell sharply (-10.9 percent from 11.1 percent in Q2). By contrast, capital formation shrank 36 percent, following a 22.4 percent gain in Q2.
On the output side of the accounts, value added of information & communication rose by 5.8 percent in the third quarter. Industry (excluding construction) recorded a 4.8 percent increase in real terms with financial services recording a 4.6 percent increase. Construction increased by 3 percent over the same period. All other sectors exhibited moderate growth over the period with the exception of agriculture which recorded a decline of 9 percent and professional and administration services which recorded a modest decline of 0.2 percent.
Compared to the same quarter of the previous year, the GDP expanded by 10.5 percent, following an upwardly revised 6.3 percent growth in the previous period. It was the strongest pace of expansion since the fourth quarter of 2015.