The first quarter GDP contraction follows two consecutive quarters of economic growth. Figures for the fourth quarter of 2013 were also revised to show a slower 0.5 percent expansion.
Year-on-year, the GDP was unchanged (0.0 percent), following a preliminary estimate of a 0.5 percent drop.
Private consumption contracted at a slower 1 percent (-2.0 percent in the preliminary estimate), while government spending rose a meager 0.1 percent. Business investment expanded at a slower 4.9 percent while government investment increased 5.8 percent compared with a preliminary 1.5 percent contraction. Exports expanded 2.7 percent and imports increased 3.7 percent, better than a preliminary 1.4 percent and 1.8 percent rise.