On the expenditure side, net external demand contributed negatively to GDP growth, as exports advanced 6.17 percent (vs 8.50 percent in Q4) while imports increased at a faster 12.75 percent (vs 11.81 percent in Q4). In addition, government spending went up 2.73 percent, slower than a 3.81 percent increase in the preceding three-month period, while household consumption growth was almost unchanged at 4.95 percent (vs 4.97 percent in Q4) and fixed investment grew 7.95 percent (vs 7.27 percent in Q4).
On the production side, output growth slowed for: water and waste management (3.58 percent vs 5.53 percent in Q4); education (4.81 percent vs 5.89 percent); information and communication (8.69 percent vs 8.99 percent); real estate (3.23 percent vs 3.73 percent); business services (8.04 percent vs 9.25 percent); government administration (5.78 percent vs 6.95 percent); healthcare (6.05 percent vs 6.31 percent); and other services (8.42 percent vs 8.87 percent).
On the other hand, output increased at a faster pace for: agriculture (3.14 percent vs 2.24 percent); mining and quarrying (0.74 percent vs 0.08 percent); transport and storage (8.59 percent vs 8.21 percent); electricity and gas (3.31 percent vs 2.27 percent); manufacturing (4.50 percent vs 4.46 percent); wholesale and retail trade (4.96 percent vs 4.47 percent); finance and insurance (4.38 percent vs 3.85 percent); construction (7.35 percent vs 7.23 percent); and hotels and restaurants (5.54 percent vs 5.49 percent).
The government targets 2018 gross domestic product growth of 5.4 percent, while the central bank's forecast is between 5.1 percent to 5.5 percent.