Net external demand was the main driver of growth, as exports jumped 1.6 percent (vs 2 percent in Q3) and imports increased at a slower 1.1 percent (vs 2.1 percent in Q3). Also, government spending advanced 0.3 percent, the same pace as in the previous three-month period and changes in inventories had no contribution to GDP growth (vs -0.2 p.p. in Q3). On the other hand, there was a contraction in household consumption (-0.2 percent vs 0.4 percent in Q3) while fixed investment was unchanged (vs 2.1 percent in Q3).
Compared with the same quarter of 2016, the GDP rose by 2.9 percent, easing slightly from a 3 percent advance in the previous period. Growth was driven by fixed investment (6.2 percent vs 6.6 percent in Q3), exports (7 percent vs 6.5 percent), household expenditure (1 percent vs 2.5 percent) and public spending (0.9 percent vs 1.4 percent). Also, changes in stocks contributed 0.4 p.p. to growth (vs 0.2 p.p. in Q3).
Considering 2017 full year, the economy grew by 3.2 percent, compared with 2.2 percent in 2016. It was the strongest pace of expansion since 2007.