GDP growth loses momentum in Q1

Slowing momentum confirmed: A second release confirmed that GDP growth slowed to 3.0% year on year in the first quarter of 2025 on a seasonally and calendar-adjusted basis, down from 3.9% in the fourth quarter of last year. Meanwhile, on a seasonally and calendar-adjusted quarter-on-quarter basis, the economy expanded 0.4% in Q1, falling short of the prior quarter’s 1.0% expansion.

Public and private spending decelerate: Domestically, household spending growth fell to 0.4% in Q1, marking the weakest expansion since Q3 2023 (Q4 2024: +4.7% yoy). Government consumption also lost steam and expanded 1.2% (Q4 2024: +1.4% yoy). Meanwhile, fixed investment growth improved to 6.9% in Q1, following the 0.7% increase logged in the prior quarter. On the external front, exports of goods and services growth fell to 0.3% in Q1, marking the worst reading since Q4 2023 (Q4 2024: +0.5% yoy). Moreover, imports of goods and services growth sped up to 7.0% in Q1 (Q4 2024: +4.3% yoy), marking the strongest reading since Q4 2022.

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