In the March quarter, private consumption expanded 1.3 percent, faster than a 0.5 percent increase in the December quarter. Meanwhile, government spending contracted 0.2 percent, after growing 10.6 percent in the previous three months. Gross fixed capital formation went up 0.5 percent, after registering a 7.0 percent growth in the previous quarter. Exports of goods and services rose 3.8 percent, compared to a 0.6 percent rise in the previous three months. Imports of goods and services also increased by 0.8 percent, following a 3.8 percent rise in the prior quarter.
On the production side, agriculture sector grew 4.6 percent (from 1.8 percent in Q4), followed by wholesale and retail trade; repair of motor (1.4 percent from 2.3 percent). In contrast, manufacturing sector declined by 1 percent (from 0.7 percent). Financial intermediation also contracted 0.5 percent (from 2.7 percent).
Year-on-year, the country's GDP expanded 3.3 percent from a year earlier in the March quarter 2017, compared to a 3.0 percent growth in the fourth quarter 2016 and slightly above market expectations of a 3.2 percent expansion. It was the strongest expansion in three quarters.