In the first quarter of 2007, the annual growth rate of net disposable income in the euro area equalled 5.7%, compared with 5.8% in the fourth quarter of 2006. The annual growth of consumption was 3.8% in the first quarter, which was higher than in the fourth quarter (3.6%). In the first quarter net saving increased by 29.3% per year, compared with 33.2% in the previous quarter. The annual growth rate of gross fixed capital formation was 10.5% in the first quarter of 2007, compared with 10.3% in the previous quarter.