Household spending increased 0.7 percent, the first gain since the last quarter of 2014 amid a slowdown in inflation, lower interest rates and higher real wages. Exports rose at a faster 2.5 percent (1.9 percent in Q1) while imports contracted 3.3 percent (+9.8 percent in Q1). On the other hand, public spending (-2.4 percent compared to -1.3 percent) in Q1) and gross fixed capital formation (-6.5 percent compared to -3.7 percent) shrank more.
On the production side, agriculture drove the expansion (14.9 percent compared to 15.2 percent in Q1) and services declined less (-0.3 percent compared to -1.7 percent) while industrial production fell more (-2.1 percent compared to -1.1 percent in Q1).
On a quarterly basis, the GDP advanced 0.2 percent, following a 1 percent growth in the previous period and beating market expectations of a 0.1 percent expansion.