It was the first time contraction in the economy since the second quarter of 2020, amid soaring inflation.
Private consumption fell by 0.4%, reversing from a 5.2% rise in Q2 and net external demand contributed negatively to the gross domestic product (GDP) growth, as exports grew by 3.6%, while imports rose at a faster 6.2%.
Meanwhile, government spending expanded by 1.1%, mainly driven by increases in public administration and defense, and in education.
On the other hand, investment edged up 0.2% from a year earlier, after a 23.9% plunge in Q2. On the production side, the most negative contributions to the GDP came from agriculture, energy sector, and real-estate activities.
On a seasonally adjusted quarterly basis, the GDP shrank by 1.8% in Q3, after contracting 1.3% in Q2.
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