November 17, 2014 / 12.53pm /National Bureau of Statistics
The growth rate of total expenditure on GDP measured in real terms increased by 6.02 percent (year-on-year) in Q1 of 2014 while year on year nominal changes indicated an increase of 10.04 percent in the quarter. Final consumption expenditure of households accounted for the largest share of expenditure; 67.01 percent of total expenditure on GDP at nominal market prices, although this was a decline relative to the previous quarter and Q1 of 2013. Final consumption expenditure of households recorded a negative nominal growth quarter-on-quarter of 11.00 percent and muted year-on-year growth of 2.98percent.
In real terms, Final consumption expenditure of households recorded a negative year-on-year and quarter-on-quarter growth rate of 11.23 percent and 24.35 percent respectively.
Representing 8.51 percent of the total nominal GDP, General Government final expenditure showed a year-on-year increase of 18.49 percent. In real terms it also increased, by 9.64 percent relative to Q1 2013, yet shrank by 16.88 percent on a quarter-on-quarter basis.
Expenditure on the Gross Fixed Capital Formation (Investment) component of GDP saw consistent rises, both relative to the preceding quarter and to the corresponding quarter of 2013.
Driven by investment in transport and machinery equipment, residential and non-residential buildings, other construction activities, land improvement, breeding stock and research and development. Year on year growth reached 19.99 percent in real terms, and 25.68 in nominal terms relative to Q1 of 2013.
Representing 7.74 percent of nominal GDP at market prices, Net Exports of Goods and Services maintained a positive balance in Q1 of 2014, having increased by 50.07 percent year on year and 66.67 percent from the preceding quarter.
Growth also remained positive in real terms, relative to the corresponding period of 2013 and on a quarter on quarter basis. Compensation of Employees (COE) maintained its growth, increasing by 10.68 percent year on year in nominal terms, whilst In real terms COE increased 2.63 percent year-on-year in the first Quarter of 2014.
National disposable income grew in nominal terms by15.36 percent (year on year) in Q1 2014. During this period, household consumption accounted for 70.83 percent of national disposable income and 19.83 percent of income was devoted to savings.
In real terms however, household
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