On a quarter-on-quarter basis, household final consumption expenditure rose by 0.8 percent in Q1 2014, unrevised from the previous estimate. This is the tenth consecutive quarter-on-quarter increase and follows a 0.3 percent increase in Q4 2013. The largest increases in household final consumption expenditure in Q1 2014 came from transport and miscellaneous goods & services.
Government final consumption expenditure was unchanged in Q1 2014, revised down 0.1 percentage points from the previous estimate and follows a 0.1 percent fall in Q4 2013. Non-profit institutions serving households final consumption expenditure fell by 2.3 percent in Q1 2014, revised down 0.1 percentage points from the previous estimate and follows a 1.0 percent decrease in Q4 2013.
Gross fixed capital formation increased by 2.4 percent in Q1 2014, revised up from the previously estimated 0.6 percent increase. This follows a 1.3 percent increase in Q4 2013. Within gross fixed capital formation, business investment increased by 5.0 percent between Q4 2013 and Q1 2014, revised up from the previously estimated 2.7 percent increase. This follows a 1.5 percent increase in Q4 2013.
Exports of goods fell by 1.3 percent in Q1 2014, due to a fall in semi-manufactured goods (chemicals and materials). Exports of services rose by 1.6 percent mainly due to an increase in financial services. In Q1 2014 imports of goods fell by 1.1 percent, due to a decrease in fuels and oil imports in particular. Imports of services decreased by 1.5 percent due to falls in travel services and financial services. With exports contracting to a lesser extent than imports, the net trade balance has improved compared to the previous quarter, but worsened slightly compared to Q1 2013.