This result is largely explained by a decrease in exports and an increase in imports, the central bank notes in its national accounts report.

Domestic demand, conversely, rose by 2.1 percentage points, in line with growth in household consumption and gross fixed capital formation—specifically, purchases of heavy vehicles, industrial machinery, tools, and real estate.

From a sectoral perspective, the decline in GDP was driven primarily by a drop in foreign sales within the agricultural, forestry, and mining sectors.

In contrast, the services sector—particularly personal services—stood out for its upward trend.

According to the Central Bank, household consumption increased by 2.5 percentage points compared to the same period of the previous year, driven by the services sector—specifically health, transportation, and restaurants and hotels. Additionally, this result was influenced by tourism.

To a lesser extent, spending on both durable and non-durable goods also contributed to the outcome. Within the latter category, purchases of food and clothing were notable, while within the former, automobile purchases stood out.

Government consumption, for its part, grew by 3.0 percent as a result of increased investment in healthcare.

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