From the expenditure side, household expenditure grew by 2.6 percent (vs 2.2 percent in Q3) and fixed investment advanced by 3.8 percent (vs -0.5 percent in Q3). Also, net external demand contributed positively to GDP growth, as exports jumped by 9.1 percent (vs 7.6 percent in Q3) and imports increased at a slower 8.1 percent percent (vs 5.7 percent in Q3). On the other hand, government spending continued to contract (-0.4 percent vs -0.6 percent in Q3).
From the production side, the service industries grew by 1.7 percent following a 1 percent gain in Q3, as output rose for: trade (4.4 percent vs 3.8 percent in Q3); transport and storage (4.4 percent vs 1.9 percent); information and communication (1.5 percent vs -3 percent); financial, insurance and related services (0.3 percent vs no growth in Q3); real estate activities (2.1 percent, the same as in Q3); and public health, education and social security (0.3 percent vs -0.8 percent). Also, industrial output increased by 2.7 percent (vs 0.4 percent in Q3), as manufacturing output expanded 6 percent (vs 2.4 percent in Q3). Meanwhile, a contraction was seen in construction (-1.6 percent vs -4.7 percent) and mining (-0.1 percent vs 2.4 percent) while utilities output showed no growth. Agriculture advanced 6.1 percent after a 9.1 percent jump in Q3.
Considering 2017 as a whole, the GDP rose by 1 percent, following two consecutive years of contraction. It was the strongest growth rate since 2013. Household spending went up 1 percent (-4.3 percent in 2016), the first increase since 2014; exports rose 5.2 percent (1.9 percent in 2016), the most since 2015, mainly boosted by products of agriculture, oil and gas, automotive industry and machinery and equipment; imports grew 5 percent (-10.2 percent in 2016), the first increase in 4 years amid purchases of petroleum refining, electronic materials and communication and clothing. On the other hand, gross fixed capital formation slumped for the fourth year (-1.8 percent compared to -10.3 percent in 2016), dragged down by a 5.6 percent decline in construction that offset a 3 percent gain in machinery and equipment. Public expenditure declined for the third consecutive year (-0.6 percent compared to -0.1 percent in 2016).