Total domestic demand (excluding inventory changes) picked up by the end of the year and contributed positively to activity: +0.4 points after a neutral contribution. Indeed, household consumption accelerated (+0.4 percent after 0.0 percent) and gross fixed capital formation rose for the first time since the end of 2011 (+0.5 percent after –0.3 percent).
Exports bounced back in Q4 (+1.3 percent after –1.1 percent), while imports decelerated slightly (+0.7 percent after +0.9 percent): consequently, the foreign trade balance contributed positively to activity anew (+0.2 points after –0.6 points). On the contrary, changes in inventories contributed for –0.3 points, after +0.5 points in the previous quarter.
Year-on-year, the economy expanded 0.8 percent. Over the whole year of 2013, GDP rose 0.3 percent after a stagnation in 2012.