The comparison with a year earlier offers a more favorable trend: year-on-year growth stood at 2.7%, up from 2.6% previously. Activity thus combines a slight quarterly slowdown with stronger growth than in the same period of 2025.
HOUSEHOLD CONSUMPTION LOSES MOMENTUM
Household spending grew 0.6%, half a percentage point less than in the previous quarter, while public consumption accelerated to 0.9%. Domestic demand, which combines consumption and investment, contributed five-tenths of a percentage point to GDP growth.
Investment in machinery and equipment also lost momentum, slowing from 1.6% growth to 0.2%. Investment in housing, building and construction moved in the opposite direction, increasing its growth rate from 0.2% to 1%.
EXPORTS CONTRIBUTE AS EMPLOYMENT GROWTH SLOWS
Exports of goods and services rose 1.3%, while imports increased 1.1%. The external sector contributed one-tenth of a percentage point to quarterly growth, which was driven mainly by domestic demand.
Full-time equivalent employment grew 0.2%, two-tenths of a percentage point less than in the previous quarter. Hours actually worked increased 0.5%, while hourly productivity improved 0.1% following a decline in the previous quarter.
