On the production side, construction went up by 14.5 percent year-on-year, mainly due to higher housing construction. Services increased 6.5 percent yoy, boosted by financial and insurance activities (9.1 percent), restaurants and hotels (7.1 percent), and transport and communications (5.6 percent). Wholesale and retail trade expanded 6.4 percent yoy, water and electricity went up by 6.1 percent, mining increased 4.9 percent and manufacturing expanded 3.1 percent. In contrast, fishing contracted 6.2 percent year-on-year.
On the expenditure side, investment increased 8.6 percent year-on-year, boosted higher housing, machinery and equipment spending. Government consumption expanded 6.8 percent yoy and private spending went up by 5.9 percent yoy. In contrast, exports shrank for the second consecutive quarter by 2.6 percent and imports increased 4.8 percent yoy.
On a quarter-on-quarter basis, the GDP growth eased to 1.1 percent, from 1.8 percent in the preceding three-month period.