Overview

• Services grew roughly 9.3–9.5%, manufacturing rose 7.7%, private consumption advanced 7%, and agriculture increased 3.7%.
• Nominal GDP expanded 8.8% as the GDP deflator slid to about 0.9%, according to Bank of America Securities.
• Central authorities spent nearly a quarter of the annual capital outlay in three months, boosting investment but squeezing fiscal space.
• Exports rose about 6.3% versus a 10.9% jump in imports, with analysts cautioning that US tariff measures may have pulled shipments forward.
• Mining contracted 3.1% and utilities growth slowed to 0.5%, highlighting sectoral fragility and a challenging policy backdrop.