The economy posted its eleventh consecutive quarter of growth, as government spending rebounded 0.6 percent (-0.3 percent in Q3). Also, net trade contributed positively as exports advanced 1.4 percent (from 1.1 percent in Q3) and imports rose at a slower 1 percent (the same as in Q3). Changes in inventories added also 0.1 percentage point to growth. Meanwhile, household consumption growth eased to 0.7 percent (from 1 percent in Q3) and gross fixed capital formation contracted sharply by 2.9 percent (-0.2 percent in Q3).
Year-on-year, gross domestic product rose 2.3 percent after a 2.4 percent increase in the third quarter, due to a 1.6 percent contraction in fixed investment (from 7.2 percent in Q3), while household consumption expanded 2.6 percent (from 2 percent in Q3) and government spending advanced 1.2 percent (from 0.2 percent in Q3). Net external demand continued to contribute positively as exports went up 3.2 percent (from 2.7 percent in Q3 while imports rose at a slower 2 percent (from 2.9 percent in Q3).
Considering the full year of 2016, the economy grew by 2.1 percent, slightly higher than a 2 percent expansion in 2015. Fixed investment and household consumption contributed the most to the growth.