The biggest contributions to the GDP growth came from household consumption (0.6 percentage points), gross fixed capital formation (0.2 percentage points), and net foreign trade (0.2 percentage points). In contrast, changes in inventories and public spending subtracted 0.6 percentage points and 0.1 percentage points respectively.
Household consumption surged 1.2 percent in the March quarter, the steepest quarterly growth since 2011, compared to a 0.3 percent gain in the December quarter. In addition, fixed investment advanced at a faster 1.1 percent (vs 0.8 percent in Q4), mainly boosted by investment in construction (1.9 percent vs 1 percent) and machinery and equipment (1.2 percent vs 0.7 percent). Exports of goods and services rose 1 percent in the three months to March (vs 0.6 percent in Q4) while import growth was steady at 0.7 percent.
Meanwhile, government spending contracted 0.3 percent, compared to an increase of 1.3 percent in the previous quarter.
Year-on-year, the economy expanded a calendar-adjusted 0.7 percent in the first quarter, following a 0.6 percent growth in the previous three-month period. On an unadjusted basis, the GDP rose by 0.6 percent, easing from a 0.9 percent increase in the December quarter.