In the three months to December, household consumption rose 0.9 percent, much faster than a 0.2 percent increase in the third quarter, driven by spending on health and housing and energy. Government spending went up 0.2 percent, reversing from a 0.1 percent decline in the prior quarter.
Investment in equipment fell 0.7 percent, compared to a 0.2 percent rise in the third quarter, driven primarily by research and development as well as other vehicles. Investment in construction also declined by 0.4 percent, after growing 0.4 percent previously.
Exports of goods (excluding non-monetary gold and valuables) decreased by 3.8 percent, the weakest quarterly result in three years. Sales of precision instrumens, watches and jewellery continued the decline. At the same time, exports of chemicals and pharmaceuticals fell for the first time after several positive quarters. A decline was also seen for the services sector. Imports of goods (excluding non-monetary gold and valuables) rose 0.2 percent, slowing from a 0.3 percent increase in the September quarter.
Year-on-year, the economy grew by 0.6 percent, slowing sharply from an upwardly revised 1.4 percent expansion in the September quarter and below consensus of a 1.3 percent growth. It was the weakest expansion since the fourth quarter 2015.
For full 2016, GDP was provisionally calculated at 1.3 percent, faster than a 0.8 percent expansion in the prior year.