Consumer spending rose 0.6 percent after edging up 0.1 percent in the previous period. All other expenditure components rebounded: government consumption (0.3 percent compared to -0.4 percent); gross fixed capital formation (6.6 percent compared to -1.3 percent, the biggest rise since the fourth quarter of 2009); exports (6.7 percent compared to -5.1 percent, the biggest gain since the fourth quarter of 2013); and imports (10.2 percent compared to -1.2 percent, the highest increase since the second quarter of 2016).
On the production side, the services sector rose 0.5 percent after 0.3 percent in the previous quarter. Internal trade (1.1 percent compared to -0.5 percent) and transportation (2.6 percent compared to -1.6 percent) rebounded while real state activities rose less (1 percent compared to 1.3 percent) and financial services growth was flat at 0.4 percent. The industrial sector advanced 0.4 percent after falling 0.3 percent in each of the previous two quarters. Manufacturing (0.8 percent compared to -0.7 percent) and construction (0.7 percent compared to -0.4 percent) rebounded and mining increased more (0.7 percent compared to 0.5 percent) while utilities shrank faster (-1.1 percent compared to -0.6 percent). Finally, agriculture went up 0.7 percent, after a 0.5 percent gain in the previous period.
Year-on-year, the economy expanded 1.3 percent after a downwardly revised 0.9 percent growth in the previous quarter but below forecasts of 1.6 percent. Still, it is the highest growth rate so far this year.