In the three first months of 2014, household consumption expenditure decreased 0.5 percent after growing 0.2 percent in the previous quarter. Gross fixed capital formation declined more sharply (–0.9 percent after –0.1 percent). Overall, total domestic demand dropped and contributed negatively to activity (–0.4 pp after +0.2 pp in Q4).
Total production in goods and services increased by 0.2 percent, on the same trend as in Q4 2013. Output in the manufactured goods recovered (+1.0 percent after 0.0 percent) and production in tradable services was slightly up (+0.3 percent after +0.4 percent).
Imports accelerated (+1.0 percent after +0.5 percent), while exports slowed (+0.3 percent after +1.6 percent). Consequently, the foreign trade balance contributed negatively to GDP change (–0.2 points after +0.3 points in Q4).