In gross series, the economy contracted by 2.6% in the Jan-Mar period, from the year-ago period, while seasonally-adjusted the contraction was 2.5%.

However, the GDP contraction is narrowly below analysts’ forecasts of 3.4% YoY decline and 0.5% q-o-q.

Annually, the Gross Domestic Product dropped 6.9% in the fourth quarter 2009, after the 7.6% contraction in third quarter and 8% in the second quarter year-on-year.

The National Institute of Statistics released today the GDP data for the first-quarter as a signal, and a more detailed report will be released at a later date.