In the March quarter, final consumption expenditure grew by 2.6 percent year-on-year after registering a 3.4 percent expansion in the December quarter 2015. Private consumption rose 2.1 percent, slowing from a 3.3 percent increase in the preceding quarter. Public spending advanced 4.5 percent, up from 3.9 percent in the previous three months. Gross fixed capital formation expanded 3.1 percent, slowing from a 5.4 percent rise in the fourth quarter last year. While construction investment rose 8.7 percent ( higher from a 7.5 percent growth in the December quarter), facilities investmemt declined by 3.0 percent (from a 3.9 percent growth in the three months to December). Intellectual property products grew by 0.7 percent, slowing from 2.1 percent in the previous period. Exports increased by 0.1 percent after posting a 2.5 percent rise in the preceding quarter. Import grew at a faster 1.4 percent, following a 6.1 percent expansion in the fourth quarter.
On the production side, construction sector expanded the most by 9.4 percent (from +7.5 percent), followed by electricity, gas & water supply (+6.3 percent from +6.7 percent), services (+2.5 percent from +2.7 percent) and manufacturing (+1.8 percent from +2.4 percent). In contrast, agriculture, forestry & fishing contracted by 3.0 percent, compared to a 5.0 percent decline in the preceding quarter.
On a quarter-on-quarter basis, the economy grew by 0.4 percent, slowing from a 0.7 percent expansion in the previous quarter. It is the weakest growth since the second quarter of 2015.