In the June quarter, private consumption advanced 5.04 percent year-on-year, following a 4.94 percent growth in the preceding quarter. Government spending rose 6.28 percent, faster than a 2.93 percent expansion in the March quarter. Gross fixed capital formation also grew by 5.06 percent, slowing from a 5.57 percent rise in the previous three months. Private non-profit expenditure expanded by 6.72 percent, as compared to a 6.38 percent growth in the preceding quarter. In contrast, exports fell by 2.73 percent, slower than a 3.88 percent decline in the first quarter. Imports shrank 3.01 percent, after registering a 4.24 percent contraction in the three months to March.
On the production side, mining and quarrying sector contracted by 0.72 percent year-on-year, following a 0.66 percent drop in the first quarter. In contrast, finance & insurance sector recorded the highest annual growth rate of 13.51 percent, followed by information and communication (+8.47 percent), other services (+7.88 percent), business services (+7.57 percent), transport & storage (+6.81 percent), healthcare (+6.59 percent), electricity and gas (+6.24 percent), construction (+6.21 percent), education (+5.58 percent), hotel and restaurant (+4.92 percent), manufacturing (+4.74 percent), social services (+4.74 percent), real estate (+4.46 percent), wholesale and retail trade (+4.07 percent), water and waste management (+3.31 percent) and agriculture (+3.23 percent).
On a quarterly basis, the economy grew 4.02 percent, following an upwardly revised 0.36 percent contraction in the previous three months and beating estimates of a 3.79 percent expansion. It was the first growth since the September quarter 2015. Private consumption grew 1.28 percent, following a 0.16 percent rise in the March quarter. Government spending expanded by 36.16 percent, reversing from a 49.44 percent expansion in the preceding quarter. Private non-profit spending advanced 2.53 percent, after falling 2.89 percent in the previous three months. Investment rose 2.55 percent, as compared to a 5.75 percent contraction in the first quarter. Exports went up by 2.29 percent from a 3.09 percent drop. Imports rose 3.05 percent, after declining 7.05 percent in the March quarter.
From January to June 2016, the economy grew by 5.04 percent, faster than a 4.70 percent expansion in the same period a year earlier.