Household consumption expenditure was almost stable (-0.1 percent after +0.1 percent in Q4 of 2012) while gross fixed capital formation dropped again (-1.0 percent after -0.8 percent). Overall, total domestic expenditure weighed down on GDP growth: -0.2 points after 0.0 points.
Imports increased slightly (+0.2 percent after -1.0 percent), while exports decreased further (-0.4 percent after -0.7 percent). Hence, foreign trade contributed negatively to GDP growth (-0.2 points after +0.1 points). Changes in inventories contributed slightly to GDP growth in Q1 2013: +0.2 points after -0.2 points in Q4 2012.
In Q1 2013, households’ disposable income upturned: in nominal terms it increased by 1.3 percent after a step back in Q4 2012 (-0.7 percent). Taxes on income and wealth markedly decreased (-4.9 percent), following a strong growth in the second half of 2012 (+4.1 percent in Q3 and +7.4 percent in Q4). This was mainly due to measures increasing the income tax in 2012, and to the exceptional contribution for solidarity tax on wealth at year-end.
Wages received by households accelerated slightly in Q1 (+0.4 percent after +0.2 percent) while social benefits in cash rose almost at the same rate as in the previous quarter (+0.7 percent after +0.8 percent).