Private expenditure went up by 7.8 percent in the second quarter, following a 7.6 percent gain in the previous period; and net external demand contributed positively to the GDP as exports increased 0.1 percent while imports fell 2.1 percent. On the other hand, government spending growth slowed sharply (0.3 percent vs 6.3 percent in Q1), while gross fixed capital formation continued to contract (-0.6 percent vs -3.5 percent).
On the production side, mining & quarrying activity rebounded (2.9 percent vs -2.1 percent), driven mainly by the recovery in natural gas output. In addition, output expanded at a faster pace for manufacturing (4.3 percent vs 4.2 percent), supported by better performance of the domestic-oriented industries; and construction (0.5 percent vs 0.3 percent). Meanwhile, growth slowed for both services (6.1 percent vs 6.4 percent) and agricultural sectors (4.2 percent vs 5.6 percent).
On a quarter-on-quarter seasonally-adjusted basis, the GDP grew by 1.0 percent in the second quarter, following a 1.1 percent expansion in the previous period.
Considering the first half of the year, the economy grew 4.7 percent compared with the same period of 2018. For 2019, the GDP growth is forecast to come in within the central bank's 4.3-4.8 percent target range, driven mainly by domestic demand while an escalation in global trade tensions could weigh on external demand.