On a quarter-on-quarter seasonally adjusted basis, households’ consumption expenditure declined (-0.5 percent after +0.2 percent) and the decrease of total gross fixed capital formation got sharper (-0.8 percent after -0.2 percent). All in all, final domestic demand (excluding changes in inventories) decreased anew and contributed negatively to GDP in Q1 (-0.4 points after +0.2 points in Q4 of 2013).
Government expenditure increased 0.4 percent, slightly down from a 0.5 percent increase in the Q4 of 2013.
Imports accelerated (+1.0 percent after +0.5 percent), while exports slowed (+0.6 percent after +1.5 percent). Consequently, the foreign trade balance contributed negatively to activity (-0.1 points after +0.3 points). In contrast, changes in inventories contributed positively (+0.5 points after -0.3 points).
Year-on-year, the GDP grew 0.7 percent in the first quarter of 2014, following a 0.8 percent increase in the previous period.