Private consumption went up 2.5 percent (2.3 percent in Q4); public spending increased 0.4 percent (0.3 percent in Q4) and gross fixed capital formation rose 1.3 percent (1.2 percent in Q4). In addition, exports jumped 13.7 percent (8.4 percent in Q4) while imports shrank 15.5 percent (-9.4 percent in Q4), marking the fourth period of decline.
On a quarterly basis, the GDP advanced 0.7 percent, easing from a 1.2 percent expansion in Q4 but beating expectations of 0.6 percent. Private consumption slowed (0.4 percent from 1.5 percent in Q4) while government spending went up at a faster 1.2 percent (0.9 percent in Q4). In addition, both exports (1.5 percent from 3.9 percent) and imports (0.2 percent from 4 percent) slowed.