Household spending contracted the most by 1.5 percent compared to a 1.1 percent growth in the previous quarter. Government spending shrank by 1.3 percent (-0.9 perent in Q4). Gross fixed capital formation decreased by 1.3 percent (-0.6 percent in Q4). Exports grew by 5.7 percent recovering from 4.4 percent contraction in Q4 and imports rose 1.2 percent (-4.9 percent in Q4).
On the production side, the services sector fell 0.7 percent with transportation and storage recording the highest drop (-2.1 percent) while internal trade decreased 0.4 percent. The industrial sector contracted 0.3 percent, hurt by a 1.6 percent fall in manufacturing and a 4.3 percent decrease in electricity, water and gas production. In contrast, mining rose 3.3 percent and construction went up 1.1 percent. Agriculture surged 4.7 percent.
Year-on-year, the economy shrank 1.6 percent, the fourth consecutive contraction.