Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 5.8% in the fourth quarter of 2021 (4.5% in the previous quarter). Contrarily to what happened in the third quarter, the contribution of net external demand to the year-on-year rate of change of GDP was positive, reflecting an acceleration, in volume, of Exports of Goods and Services. The contribution of domestic demand was also positive and higher than in the third quarter. It should be noted that in the fourth quarter of 2021, there was a significant loss in terms of trade, more intense than in the previous two quarters, with a pronounced growth in import deflator, notably due to energy products and raw materials.

Compared to the third quarter of 2021, GDP increased by 1.6% in volume (2.9% in the previous quarter) reflecting a decline of the positive contribution of net external demand to the quarter-on-quarter rate of change of GDP. 

In 2021, GDP grew by 4.9%, in volume, the highest growth since 1990, following the historical decline of 8.4% in 2020, which resulted from the adverse effects of the COVID-19 pandemic on economic activity. Domestic demand presented a significant positive contribution to the annual rate of change of GDP, after being markedly negative in 2020, with a recovery of private consumption and investment. The contribution of net external demand was significantly less negative in 2021, with exports and imports of goods and services growing significantly.