On the expenditure side, net exports declined by €1,667m (-15.7 percent), largely driven by higher imports (5.4 percent). Personal consumption expenditure grew 1.3 percent while capital investment increased by 0.7 percent.
On the production side, agriculture grew the most by 4.8 percent. Increases were also recorded in other services (1.0 percent) and industry (0.5 percent). Distribution, transport, software and communication declined by 1.4 percent and public administration and defence decreased by 1.1 percent.
Year-on-year, the economy advanced 4.1 percent, the same pace as in the previous quarter, bringing full year growth to 4.8 percent. During 2014, import growth (13.2 percent) was stronger than exports (12.6 percent). Capital formation rose strongly by 11.3 percent and personal consumption, which accounts for approximately 60 percent of domestic demand, increased by 1.1 percent. The government expenditure was little changed (0.1 percent).