By expenditure type, private and government spending contributed positively to the growth in fourth quarter 2024. Private consumption growth decelerated to 0.2% (vs 0.5% in 3Q24), probably due to a sharp decline in December, while government consumption grew 0.5% on the back of increasing healthcare insurance payments. On the investment side, as expected, construction investment (-3.2%) contracted for the third consecutive quarter in 4Q24, which was one of the main reasons for the sluggish growth. Meanwhile, facility investment rose 1.6%, mainly due to strong semiconductor investment. On the external demand side, exports rebounded to 0.3% (vs -0.2% in 3Q24) with solid IT exports, but imports contracted 0.1% with falling car and crude oil imports.
