On the expenditure side of the accounts, personal expenditure declined by 3.0 percent between Q4 of 2012 and Q1 of 2013, the sharpest fall in four years. Capital investment declined by 7.4 percent while net exports decreased by €1,021m over the same period. Government expenditure recorded a small increase (0.3 percent) on a seasonally adjusted basis.
On the output side of the accounts agriculture, forestry and fishing grew by 4.8 percent in Q1 of 2013 compared with the previous quarter. Industry (including building and construction) increased by 2.1 percent while other services expanded by 1.6 percent during this period.
Distribution, transport, software and communication showed little change (+0.1 percent) while public administration and defence contracted by 1.5 percent on a seasonally adjusted basis between the final quarter of 2012 and the first quarter of 2013.
Overall the economy grew by just 0.2 percent in 2012, rather than the 0.9 percent initially thought.