In the first quarter, private consumption advanced 4.94 percent year-on-year, following a 4.92 percent growth in the preceding quarter. Government spending rose by 2.93 percent, slowing from a 7.32 percent expansion in the December quarter. Gross fixed capital formation also grew by 5.57 percent, down from a 6.90 percent rise in the previous three months. Private non-profit expenditure expanded by 6.38 percent, as compared to a 8.32 percent growth in the preceding quarter. In contrast, exports fell by 3.88 percent, following a 6.44 percent decline in the fourth quarter. Imports also dropped by 4.24 percent, after registering a 8.05 percent contraction in the three months to December.
On the production side, mining and quarrying sector contracted by 0.66 percent year-on-year, following a 7.91 percent drop in the fourth quarter. In contrast, finance & insurance sector recorded the highest annual growth rate of 9.10 percent, followed by healthcare (+8.52 percent), information and communication (+8.28 percent); business services (+8.14 percent), other services (+7.92 percent), construction (+7.87 percent), transport and storage (+7.73 percent), electricity and gas (+7.50 percent), hotel and restaurants (+5.62 percent), education (+5.26 percent), social services (+4.94 percent), real estate (+4.87 percent), water and waste management (+4.84 percent), manufacturing (+4.59 percent), wholesale and retail trade (+4.04 percent) and agriculture (+1.85 percent).
On a quarter-on-quarter basis, the economy shrank 0.34 percent, following a 1.83 percent contraction in the December quarter. Private consumption grew 0.17 percent, following a 0.01 percent rise in the December quarter. Government spending contracted by 49.45 percent, reversing from a 41.30 percent expansion in the preceding quarter. Private non-profit spending dropped by 2.91 percent, after expanding 2.75 percent in the previous three months. Investment shrank 5.75 percent, as compared to a 5.01 percent growth in the fourth quarter. Exports fell by 3.44 percent from a 1.85 percent drop while imports also declined by 6.24 percent, after gaining 5.70 percent in the fourth quarter.