In Q4 2013, GDP in volume terms* increased by 0.3%, after a stability in Q3. Over the year, GDP rose by 0.3% after a stagnation in 2012.

Household consumption expenditure accelerated by the end of the year (+0.5% after +0.1%). Furthermore, total gross fixed capital formation (GFCF) rose for the first time since the end of 2011 (+0.6% after –0.3%). 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% after –1.6%) while imports decelerated slightly (+0.5% after +0.8%). 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.

In Q4, production in goods and services returned to its Q2 level (+0.2% after –0.2%). Output in the manufactured goods was virtually stable (–0.1% after –1.0%): output of coke and refined petroleum industry declined again but production in other manufacturing branchs was on a better trend. At the same time, production in tradable services accelerated (+0.4% after +0.1%) and production in construction recovered (+0.5% after –0.3%). Over the year, total output increased by 0.6%, after a decrease of 0.3% in 2012.

After seven consecutive quarters of decline, global GFCF increased in Q4 2013 (+0.6% after –0.3%). The recover of the expenditure on manufactured goods was confirmed (+1.1%, as in Q3), notably in transport equipment. Concerning services, investment in construction (+0.5% after –0.4%) and in tradable services (+0.4% after –1.7%) both contributed to the global GFCF acceleration. However, given the growth rate carried over at the end of Q3, global GFCF declined over the year: –2.1% after –1.2% in 2012.

Household consumption expenditure rose by 0.5% in Q4 2013 after +0.1% in Q3. The expenditure in goods increased significantly (+0.8% after 0.0%), driven up particularly by the acceleration of consumption in food products, cars and equipment goods. In addition, heating expenditure decline was slighter than in Q3. However, expenditure in services remained sluggish (+0.2% after +0.1% in Q3). Over the year, household consumption expenditure was up by 0.4%, after –0.4% in 2012.

Exportations bounced back in Q4 (+1.2% after –1.6%). The acceleration of the exchanges concerned almost all manufactured goods, particularly sales of transport equipment (+3.4% after –6.8%). In the same time, importations rose again but a little slower (+0.5% after +0.8%), slowing down notably in agricultural goods, transport equipment and oil products. Overall, the foreign trade balance contributed for +0.2 points to GDP in Q4, after –0.7 points the previous quarter. Over the year, exportations increased (+0.6% after +2.5%) a little slower than importations which bounced back (+0.8% after –0.9%). Thus, over the year the foreign trade balance contributed slightly to GDP (–0.1 point after +1.0 point in 2012).

In Q4, changes in inventories accounted for –0.3 points of GDP growth after +0.6 points the previous quarter. In Q4, the negative contribution concerned nearly all the categories of goods except equipment goods. Over the year, it contributed for +0.1 points, after –0.8 points in 2012.

In Q1 and Q3 2013, the evolutions of GDP are slightly upscaled (from –0.1% to 0.0%) compared to previous release. These revisions are mainly due to the update of seasonal and working day adjustment.