Household consumption expenditure accelerated by the end of the year (+0.5 percent after +0.1 percent). Furthermore, total gross fixed capital formation rose for the first time since the end of 2011 (+0.6 percent after –0.3 percent). Thus, final domestic demand (excluding inventory changes) accelerated significantly and contributed for +0.5 points to GDP after a neutral contribution in Q3. In Q4 2013, exports bounced back (+1.2 percent after –1.6 percent) while imports decelerated slightly (+0.5 percent after +0.8 percent).
Therefore, the foreign trade balance contributed positively to activity anew: +0.2 points after –0.7 points. Conversely, changes in inventories contributed for –0.3 points, after +0.6 points the previous quarter.