Gross domestic product (GDP) advanced 0.5% sequentially in the first quarter, following a flat change in the final quarter of 2023, which was revised from a 0.1% drop estimated earlier. In the flash report, the rate of growth for the first quarter was 0.4%.
On the expenditure side, household consumption grew 2.1% over the quarter, and public consumption expenditure increased by 1.9%.
Meanwhile, gross fixed capital formation declined by 3%.
On a yearly basis, GDP growth decelerated to 1.3% in Q1 from 1.7% in the fourth quarter, as estimated.
Data also showed that seasonally unadjusted GDP grew at a faster pace of 2% annually in the first quarter versus 1% growth in the preceding three-month period.
The first quarter figure was revised up from 1.9%.
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