This was the fourth straight quarter of contraction in the GDP, but the smallest decline in the current sequence, amid easing the lockdown measures to contain the spread of the coronavirus. Net external demand contributed negatively to the GDP, as exports dropped by 0.2% (vs -2.3% in Q4), while imports increased 4.7% (vs 2.2% in Q4).
Also, the government expenditure contracted less (-1.8% vs -2.3% in Q4). On the positive note, household consumption rebounded (0.8% vs -6.2%), while fixed investment grew faster (11.7% vs 6.5%). On a seasonally adjusted quarterly basis, the economy advanced 2.9%, faster than a preliminary estimate of a 2.8% growth, but easing from a 4.6% growth in the fourth quarter 2020.
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