It was the fifth consecutive quarter of contraction, but the smallest in one year. Fixed investment fell for the tenth consecutive quarter by 2.7 percent (from -4.8 percent in Q4) and households' consumption expenditure dropped for the fifth straight quarter by 1.7 percent (from -0.9 percent); while government consumption expenditure increased by 1.1 percent (from -2.9 percent) and exports jumped 6.5 percent (from +0.1 percent in Q4). Imports shrank 5.6 percent (from -5.5 percent in Q4).
On the production side, the services sector fell at a slower 0.2 percent (from -1.5 percent in Q4), as retail trade (-1 percent), financial intermediation and insurance (-0.8 percent) and information services (-0.7 percent) showed the largest declines. Industry contracted 1.2 percent (from -1.6 percent in Q4), dragged down by mining (-1.1 percent) and manufacturing (-0.3 percent). Agriculture shrank 0.3 percent (from +2.9 percent in Q4).
Year-on-year, the GDP shrank 5.4 percent, easing from a 5.9 percent drop in the fourth quarter and beating market expectations of 6 percent decline.