Growth was mainly driven by a strong 2.3 percent expansion in manufacturing (vs +0.6 percent in the previous period), more than offsetting contractions in utilities (-0.4 percent vs 9.4 percent in Q2), construction (-5.7 percent vs -3.1 percent), and primary activity (-5.5 percent vs -2.8 percent). Meantime, services grew by 0.5 percent for the second straight period.
On the expenditure side, government spending rose 1.5 percent (vs 0.3 percent in Q2 vs preliminary 1.6 percent) and private expenditure 0.5 percent (vs 0.3 percent in Q2 vs preliminary 0.6 percent), whereas gross fixed capital formation plunged 4.6 percent (vs -2.9 percent in Q2 vs preliminary 4.5 percent), mainly dragged by a 6.7 percent contraction in construction (vs -2.1 percent in Q2 vs preliminary 6.4 percent). Exports grew 3.9 percent while imports edged down 0.7 percent.
On an annual basis, the economy expanded 2.0 percent (unchanged from preliminary) slowing from a 2.8 percent growth in the previous three months and in line with market expectations.