From the expenditure side, fixed investment dropped 5.4 percent (-8.4 percent in Q3), household consumption fell 2.9 percent (-3.4 percent in Q3) and government spending declined 0.1 percent (-0.8 percent in Q3). Also, net external demand contributed negatively, as exports decreased sharply by 7.6 percent (0.2 percent in Q3) and imports went down at a slower 1.1 percent percent (-6.8 percent in Q3).
From the production side, the service industries decreased by 2.4 percent following a 2.2 percent fall in Q3, as output declined for: trade (-3.5 percent from -4.4 percent); transport and storage (-7.5 percent from -7.4 percent); information services (-3 percent from -1.5 percent); financial services (-3.4 percent from -3.3 percent); and public health, education and social security (-0.7 percent from 0.1 percent). Industrial output decreased by 2.4 percent (-2.9 percent in Q3), as output contracted for: manufacturing (-2.4 percent from -3.5 percent); and construction (-7.5 percent from -4.9 percent); while growth was recorded in electricity, gas, steam and air conditioning supply (2.4 percent from 4.3 percent) and mining (4 percent from -1.3 percent). Agriculture fell 5 percent after shrinking by 6 percent in Q3.
On a quarterly basis, the economy shrank 0.9 percent, worse than a 0.7 percent contraction in the previous period.
In 2016 as a whole, the GDP fell 3.6 percent, following a 3.8 percent decline in 2015.