Real GDP growth remained low at 0.9% y/y in Q1. Construction contracted by 1.2%, the first decline since 2005, but this was expected after a major development wave, and the contraction will deepen in the coming years. Other non-hydrocarbon sectors continue to experience modest, but not spectacular, growth. However, the medium-term outlook still remains very strong, given LNG expansion in the mid-2020s.
Bonus analysis: A recent tendency towards large revisions means preliminary GDP data must be treated with care.
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