- GDP +0.7% vs +0.6% q/q expected
- Prior +0.1%; revised to +0.2%
- GDP (adjusted for sporting events) +0.4% q/q
- Prior +0.5%
Looking at the details, it is the industrial sector that helped to bring up growth in the first quarter of 2026. The sector grew strongly (+1.3%) with manufacturing (+1.5%) in particular being a key component to growth conditions. That said, it was not all good in the industrial sector as chemical and pharmaceutical declined strongly during the quarter (-3.4%).
As for the services sector, overall conditions remain relatively subdued. The sector posted mild growth (+0.2%) on the quarter amid positive contributions from transport (+1.9%) and financial services (+1.3%). However, that is largely offset by a decline in the retail sector (-1.3%) with private consumption being flat on the quarter.
Besides that, domestic demand remains weak (+0.1%) while government consumption was the one that helped to bring things up with a above-average showing in Q1 2026 (+0.9%).
