GDP growth ticks up in Q1

A second reading confirmed that GDP growth ticked up to 0.3% in the first quarter, up from the 0.1% expansion seen in the fourth quarter of last year. On an annual basis, economic growth was stable at 0.7% in Q1.

Private consumption increased 0.3% in the first quarter, which contrasted the fourth quarter's 1.4% contraction. Government spending growth waned to 0.1% in Q1 (Q4 2023: +0.6%). Meanwhile, fixed investment growth fell to 0.5% in Q1, marking the worst reading since Q2 2023 (Q4 2023: +2.0%). On the external front, exports of goods and services growth fell to 0.6% in Q1, marking the worst result since Q2 2023 (Q4 2023: +1.2%). In addition, imports of goods and services deteriorated, contracting 1.7% in Q1 (Q4 2023: +0.1%).

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