MADRID (AFX) - GDP grew 0.5 pct in the first quarter from the fourth, when it rose 0.2 pct from the third, and was up 2.0 pct from a year earlier, the National Statistics Institute (INE) said. The GDP data is calculated using a new method with 1995 as a base and is corrected for seasonal and calendar effects. In a statement, INE said the lower GDP growth reflects "the continuing slowdown which began in the first quarter of 2000." Consumption by households climbed 2.1 pct in the first quarter from a year earlier, down from the 2.7 pct rise recorded in the fourth quarter. INE said gross fixed capital formation rose 0.9 pct in the first quarter from a year earlier, down from the 1.1 pct rise in the fourth quarter. Investment in capital goods fell 4.9 pct in the first quarter from a year earlier, and compared with the 4.7 pct decline fourth quarter of 2001. Investment in construction rose 4.4 pct in the first quarter from a year earlier, and compared to the 4.9 pct rise registered in the fourth quarter of 2001. Exports of goods and services fell 1.6 pct year-on-year in the first quarter, while imports of goods and services were down 1.2 pct, INE said. Domestic demand contributed 2.1 percentage points to GDP growth, compared to 2.9 points in previous quarter, while the negative contribution from the exxternal sector decreased to 0.1 percentage points from 0.6. Fourth quarter GDP growth was calculated at 2.3 pct, compared to the 2.4 pct initially recorded by INE on Feb 20.