GDP growth ebbs in the first quarter

GDP growth moderated to 1.5% year on year in the first quarter, from 1.7% in the fourth quarter of last year. On a seasonally-adjusted quarter-on-quarter basis, GDP bounced back, growing 1.1% in Q1, contrasting the previous period's 0.4% decrease. Q1's reading marked the best result since Q1 2023.

The downturn was driven by weakening private consumption, fixed investment and exports. Household spending growth fell to 6.9% in Q1, marking the weakest expansion since Q1 2023 (Q4 2023: +7.4% yoy). Moreover, fixed investment contracted 4.2% in Q1, marking the worst reading since Q2 2020 (Q4 2023: -0.4% yoy). Meanwhile, public spending fell at a slower rate of 2.1% in Q1 (Q4 2023: -3.0% yoy). On the external front, exports of goods and services increased 2.5% on an annual basis in the first quarter, which was below the fourth quarter's 4.9% expansion. Conversely, imports of goods and services growth picked up to 5.3% in Q1 (Q4 2023: +3.9% yoy).

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