In the first quarter of 2008, the annual growth rate of net disposable income in the euro area equalled 3.4%, compared with 4.6% in the fourth quarter of 2007. The annual growth rate of consumption was 4.1% in the first quarter, which was higher than in the fourth quarter (3.8%). In the first quarter the annual growth rate of net saving declined to -2.8%, from 12.6% in the previous quarter. The annual growth rate of gross fixed capital formation was 3.9% in the first quarter of 2008, compared with 5.7% in the previous quarter.