Despite declining inflation, household consumption did not recover in the first quarter, falling 0.4 percent in the previous quarter. Government expenditure was also 0.4 percent lower than in the previous quarter, the data showed.

Following a weak second half of 2023, investment in construction rose significantly by 2.7 percent in the quarter, while investment in machinery and equipment fell by 0.2 percent.

Positive contributions also came from foreign trade. In the first quarter, exports of goods and services were up 1.1 percent compared with the previous quarter.