According to preliminary estimates, fixed investment grew 1.5 percent, rebounding from a 0.2 percent contraction in the prior quarter, mostly driven by investment in tangible fixed assets shrank (1.9 percent from -0.2 percent in Q4), of which machinery, equipment, weapon system and biological resources (3.8 percent from -2.7 percent). Investment in intellectual property products shrank 1.0 percent after expanding 0.5 percent in the previuos period. Meantime, government spending expanded 0.4 percent, the same pace as in the in the fourth quarter of 2018 while household consuptiom slowed to 0.3 percent from 0.4 percent.
Both exports (-0.5 percent from 0.7 percent) and imports (-1.1 percent from a flat reading) contracted.
On the production side, the industrial activity advanced 1.4 percent in the three months to March, after contracting 1.0 percent and construction output grew 1.8 percent (vs 1.0 percent in Q4). On the other hand, the primary sector shrank 2.0 percent in the first quarter of the year, after expanding 4.6 percent in the prior period while services output rose 0.8 percent, the same pace as in the previous quarter.
On an annual basis, the GDP is expected to expand 2.4 percent in the first quarter of 2019, higher than a 2.3 percent growth in the prior quarter and beating market forecasts of a 2.3 percent expansion.