Private consumption growth remained strong at 7.1 percent (Q4 2013: 7.4 percent) in the first quarter, supported by stable employment conditions and continued wage growth. Growth in public consumption increased to 11.2 percent (Q4 2013: 5.2 percent), reflecting higher government spending on supplies and services.
Gross fixed capital formation grew by 6.3 percent (Q4 2013: 6.5 percent), driven by robust private sector capital spending amidst a contraction in public investment growth. Growth in private investment remained strong at 14.1 percent (Q4 2013: 16.6 percent), underpinned by capital spending in the manufacturing and services sectors. Public investment declined by 6.4 percent (Q4 2013: -1.4 percent), reflecting the contraction in capital spending by both the Federal Government and the public enterprises.
Gross exports grew at a stronger pace of 10.9 percent (Q4 2013: 10.2 percent), reflecting the continued expansion of global economic activity while gross imports expanded at a more moderate pace of 5.5 percent (Q4 2013: 11.6 percent).
On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 0.8 percent, slowing from a 1.9 percent expansion in the previous three months.