GDP growth edges down in the first quarter

Economy loses steam, but still expands robustly: Preliminary data revealed that GDP growth waned to 3.1% year on year in the first quarter of 2025 (Q4 2024: +3.4% yoy). Still, growth remained robust, coming in above the post-pandemic average. On a seasonally adjusted quarter-on-quarter basis, economic growth slowed to 0.6% in Q1, compared to the previous period's 0.9%, marking the worst reading since Q4 2023.

Fall in exports drives deceleration: The annual GDP growth deceleration was caused by a deterioration in the external sector. Exports of goods and services fell 3.4% in Q1 (Q4: -1.7% yoy), while imports of goods and services rose at a faster rate of 6.2% in Q1 (Q4: +2.2% yoy). Contrarily, final consumption growth strengthened from 5.8% in Q4 to 7.1% in Q1, and fixed investment expanded by 6.1% (Q4: +0.8% yoy).

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