Gross domestic product (GDP) advanced 3.9% sequentially in the first quarter, reversing a 2.3% fall in the final quarter of 2022.

The expected growth rate was 0.7%.

On a year-on-year basis, GDP showed no variations from the previous quarter, when it grew by 2.3%.

Seasonally unadjusted GDP decreased 0.2% annually versus a 2.3% increase in the fourth quarter.

Economists were looking for a decline of 0.8%.