On the expenditure side, gross fixed capital formation declined for the third straight period by 5.8 percent (from -6.4 percent in the third quarter). Public expenditure also decreased by 0.2 percent. Consumer spending rose 1.3 percent (+0.1 percent). Exports fell by 10.7 percent (+4.6 percent) and imports dropped by 4.4 percent.
The industrial sector shrank by 1.9 percent, the third consecutive quarter of decline. Production and distribution of water and gas recorded the highest drop (-5.9 percent), followed by construction (-2.3 percent). In contrast, mining output rose by 9.7 percent and agriculture increased by 1.2 percent. The services sector expanded a meagre 0.4 percent with trade contracting 2.9 percent.
On a quarter-on-quarter seasonally adjusted basis, the economy grew 0.3 percent, beating market expectations for a 0.2 percent contraction.