In Q1 2017, GDP in volume terms rose less fast (+0.4%) than in Q4 2016 (+0.5%). Households' consumption expenditure stalled (+0.1% after +0.6%). By contrast, total gross fixed capital formation (GFCF) accelerated sharply (+1.2% after +0.5%). All in all, final domestic demand excluding inventory changes barely slowed: it brought +0.4 points to GDP growth, after +0.5 points in the previous quarter.

Exports fell back significantly (−0.8% after +1.0%) while imports accelerated (+1.4% after +0.6%). All in all, foreign trade balance weighed down on GDP growth: −0.7 points after +0.1 points in the previous quarter. Conversely, changes in inventories contributed positively (+0.7 points after −0.2 points).