In the first quarter of 2013, the GDP expanded by 6.02 percent over a year earlier, slower than the 6.11 percent recorded in the previous quarter.
On the expenditure side, gross fixed capital formation rose by 5.9 percent yoy, compared with an increase of 7.29 percent in the fourth quarter of 2012. Private consumption, one of the main drivers of the economy, grew by 5.17 percent yoy, down from 5.38 percent in the previous quarter. Imports actually dropped by 0.44 percent, yoy.
Exports, on the other hand, recovered in the first three months of 2013, and grew by 3.39 percent over a year earlier, up from a 0.5 percent increase in the previous quarter. Public consumption also recovered from a 3.34 percent contraction in the last three months of 2012, and grew by 0.42 percent, yoy.
On the production side, growth occurred in almost all sectors except for mining and quarrying, which contracted by 0.43 percent over a year earlier. Year-on-year, the highest growth rates were recorded by the transportation and communication sector (9.98 percent, the same rate as in the previous quarter), financial and real estate (8.35 percent, from 7.15 percent recorded in the previous quarter) and construction (7.19 percent, from 7.50 percent in the December quarter). Services rose by 6.48 percent, utilities by 6.54 percent and manufacturing by 5.84 percent (from 5.24 percent, 6.40 percent and 5.73 percent respectively, in the previous quarter). Agriculture grew by 3.70 percent yoy, from 3.97 percent in the last three months of 2012.
On a quarter-over-quarter basis, GDP expanded by 1.41 percent, recovering from a contraction of 1.45 percent in the previous quarter, and mainly boosted by the agricultural sector.