On the expenditure side, government spending shrank for the second straight quarter (-1.1 percent from -0.6 percent in the March quarter). In addition, gross fixed capital formation contracted for the first time since the third quarter 2017 (-0.8 percent from 2.7 percent). On the other hand, private consumption increased by 1.8 percent, faster than a 1.4 percent rise in the first quarter. At the same time, net external demand contributed positively to growth, as exports of goods and services went up 1.9 percent (from 1.1 percent in the preceding quarter), while imports rose by 0.9 percent, much slower than a 2.6 percent growth in the March quarter.
On the production side, the agriculture sector expanded 10.3 percent, slower than a 11.5 percent increase in the prior three month-period. Meanwhile, manufacturing sector showed no growth, after a 0.4 percent rise in the prior quarter. At the same time, wholesale and retail trade; repair of motor grew by 1.5 percent, the same as in Q1. Financial intermediation jumped by 3.8 percent, compared to a 0.3 percent growth in the prior quarter.
Year-on-year, the country's GDP expanded 4.6 percent from a year earlier, slightly above estimates of a 4.5 percent expansion and after an upwardly revised 4.9 percent growth in the March quarter.
For 2018, the economy is expected to grow between 4.2 to 4.7 percent, unchanged from an earlier estimate, supported by robust exports and growing tourism.