In the first quarter, private investment expanded by 0.8 percent, accelerating from a 0.1 percent growth in the December quarter. Government spending rose 1.2 percent, following a 4.0 percent growth in the December quarter. Gross fixed capital formation increased by 2.0 percent, after registering a 7.2 percent expansion in the previous quarter. Exports of goods and services rose 4.9 percent, faster than a 0.6 percent growth in the previous three months. Imports of goods and services fell 3.2 percent after remaining unchanged in the preceding quarter.
On the production side, wholesale and retail trade, repair of motor grew by 1.1 percent (from +2.3 percent in the last quarter of 2015). In contrast, agriculture sector contracted by 1.3 percent (from +2.1 percent). Manufacturing sector also shrank by 0.8 percent (after a 0.2 percent growth). Menawhile, financial intermediated remained unchanged in the first quarter 2016, compared to a 2.2 percent growth in the previous three months.
Year-on-year, the country's GDP expanded by 3.2 percent from a year earlier, as compared to a 2.8 percent expansion in the previous quarter and beating market expectations of a 2.8 percent expansion. It is the strongest growth since the March quarter of 2013.