The steepest drop in exports was registered for base metals, chemicals and chemical products, while exports of agricultural products and electrical equipment increased. Cold weather prompted an increase in imports of energy, and thereby, intermediate goods, pushing overall imports higher. On the other hand, imports of equipment and consumer goods recorded a decline. Economic activity contracted in the first quarter.
The negative contribution came from net exports, as well as lower private sector investment, signalled by a dip in imports of equipment and reduced construction activity, and adverse weather conditions. Conversely, an upturn in retail trade points to a positive, though modest, contribution of household consumption to economic activity.