In the March quarter, household consumption grew by 0.7 percent, faster than a 0.1 percent increase in the previous quarter. The robust expansion was mainly driven by healthcare sector and housing and energy. In contrast, government expenditure contracted by 0.8, reversing from a 1.2 percent growth in the final quarter 2015.
Investment in equipment grew by 2.1 percent, rebounding from a 1.1 percent decline in the previous three months, supported by investing in other vehicles. Investment in construction rose 1.1 percent, faster than a 0.2 percent growth previously.
Exports of goods (excluding non-monetary gold and valuables) increased by 2.1 percent (from a 3.2 percent growth in the fourth quarter). Positive contributions came from the precision instruments / watches / jewelery heading. The majority of other categories such as exports of chemicals / pharmaceuticals and metals / machinery / electronics also have a slightly positive development. Imports of goods (excluding non-monetary gold and valuables) rose 0.4 percent, slowing sharply from a 5.2 percent increase in Q4.
Year-on-year, the economy expanded 0.7 percent, accelerating from a downwardly revised 0.3 percent growth in the December quarter 2015 and market estimates of an 0.8 percent expansion.