In the fourth quarter, household consumption rose 0.6 percent, following a 0.1 percent rise in the previous two quarters. Government expenditure increased 0.4 percent, faster than a 0.3 percent increase in the preceding quarter. Total gross fixed capital formation grew by 0.4 percent, compared to a 0.2 percent growth in the third quarter. Final domestic demand (excluding changes in inventories) contributed 0.5 points to GDP growth, up significantly from 0.2 points in the prior quarter.
Exports increased by 1.3 percent, faster than a 0.8 percent rise in the September quarter. Imports also went up 1.0 percent, slowing sharply from a 2.7 percent increase in the preceding quarter. The foreign trade balance contributed positively to the economy (0.1 points after -0.6 points in the third quarter). In contrast, changes in inventories contributed negatively: -0.1 points after +0.7 points in the September quarter.
Year-on-year, the GDP grew 1.1 percent, compared to a 1.0 percent expansion in the third quarter and in line with preliminary estimates.