On the expenditure side, gross fixed capital formation shrank 17.5 percent (from -18.5 percent in Q4), household consumption dropped 6.3 percent (from -6.8 percent) and government expenditure declined 1.4 percent (from -2.9 percent). Regarding external demand, exports of goods and services grew at a faster 13 percent (from +12.6 percent in Q4), while imports of goods and services fell 21.7 percent (from -20.1 percent).
On the production side, the services sector fell 3.7 percent (from -4.4 percent in Q4), as retail trade shrank 10.7 percent and transport, storage and postal services contracted 7.4 percent. Also output from information services (-5 percent), other services (-3.4 percent), financial intermediation and insurance (-1.8 percent) and administration, health and public education (-0.8 percent) contributed negatively to the GDP. The real estate activities showed no growth for the second straight quarter. The industrial sector went down 7.3 percent, as manufacturing industry dropped 10.5 percent. The mining and construction sectors also fell by 9.6 percent and 6.2 percent, respectively. Meanwhile, production of electricity and gas, water, sewage and urban sanitation expanded by 4.2 percent. Agriculture contracted 3.7 percent (+0.6 percent in Q4).
On a quarterly basis, the GDP shrank 0.3 percent, easing from a 1.3 percent contraction in the previous period.