Preliminary estimates showed exports fell for the third consecutive quarter by 6.4 percent yoy and imports contracted 3.8 percent. Private consumption decreased 1.2 percent. In contrast, gross fixed capital formation rose 1.9 percent and government expenditure increased 3.4 percent.
On the production side, agriculture output fell sharply by 7.3 percent yoy; wholesale and retail trade decreased 3.1 percent; construction shrank 2.1 percent and manufacturing contracted 0.8 percent. Only financial activities accelerated slightly and grew 16.5 percent (16.4 percent in the last quarter of 2013).
On a quarter-on-quarter seasonally adjusted basis, the economy contracted for the second consecutive period by 0.8 percent, following a revised 0.5 percent fall in the last three months of 2013.