On the expenditure side, government consumption surged 9.6 percent year-on-year (3.1 percent in the last quarter of 2013). While exports recovered from last quarter’s contraction and grew 5.4 percent, household consumption rose at a slower 3.7 percent from 4.9 percent in the previous period. In contrast, imports shrank 3.6 percent and gross fixed capital formation contracted for the third straight quarter by 5 percent, mainly due to a 16.9 percent fall in machinery and equipment investment.
On the production side, only fishing contracted compared with a year earlier by 5.5 percent. Agriculture and forestry rose 8 percent; business services increased 2.8 percent; the trade sector advanced 2.4 percent and mining and manufacturing rose marginally by 0.2 percent and 0.1 percent, respectively.
On a quarter-on-quarter basis, the economy advanced 0.7 percent, following last quarter’s 0.1 percent contraction.