Agriculture rose 2.4 percent, first expansion in nearly two years, following a 5.2 percent drop in the previous period. In addition, stronger growth was reported in trade, catering and accommodation (1.1 percent compared to 0.7 percent in Q3); finance, real estate and business services (1.8 percent compared to 1.7 percent) and government services (2.2 percent compared to 1.1 percent).
In contrast, expansion slowed in construction (0.2 percent compared to 1 percent in Q3) and personal services (1.1 percent compared to 1.5 percent) while contraction was reported in mining (-3.1 percent compared to -0.1 percent ), utilities (-3.2 percent compared to -2.1 percent) and manufacturing (-0.7 percent compared to +0.5 percent).
On a quarterly basis, the GDP contracted an annualized 0.3 percent, compared to expectations of a 0.5 percent growth.
Considering full 2016, the economy advanced a meager 0.3 percent, below a 1.3 percent expansion in 2015, mainly due to contraction in mining (-4.7 percent compared to +3.9 percent in 2015) and agriculture (-7.8 percent compared to -6.1 percent in 2015). In contrast, both manufacturing and construction increased 0.7 percent each (-0.2 percent and +1.7 percent respectively in 2015). Growth was mainly driven by finance, real estate and business services (1.9 percent compared to 2.8 percent in 2015); general government services (1.4 percent compared to 0.8 percent in 2015) and wholesale, retail and motor trade; catering and accommodation industry (1.2 percent compared to 1.4 percent in 2015).