Macro/ Strategy

GDP growth in Q1 2025 was the highest Q1 growth in the 2020-2025 period

GDP growth in Q1 2025 reached 6.93% YoY. Unlike GDP growth in previous quarters, the industrial and construction group did not play a leading role with the highest growth rate. In Q1 2025, the service sector led the growth with an increase of 7.7%, being higher than 7.42% of the industrial and construction group. The large increase in services was thanks to the strong growth of the transportation and warehousing group (+9.9% YoY); and the administrative activities and support services group (+12.57% YoY).