In Q1 2017, GDP in volume terms kept increasing: +0.5%, as in Q4 2016.
Households’ consumption expenditure was at a standstill in Q1 (0.0% after +0.6%) while total gross fixed capital formation accelerated sharply (GFCF; +1.2% after +0.7%). All in all, final domestic demand excluding inventory changes decelerated slightly: it contributed for +0.4 points to GDP growth after +0.6 points in the previous quarter.
Exports fell back (−0.7% after +1.1%) while imports accelerated (+1.2% after +0.6%). All in all, foreign trade balance weighed down on GDP growth: −0.6 points after +0.1 points. Conversely, changes in inventories contributed positively (+0.7 points after −0.2 points).