Gross Domestic Product (GDP), in real terms, recorded a year-on-year growth rate of 2.3% in the second quarter of 2023 (2.5% in the previous quarter). The positive contribution of net external demand to the year on-year rate of change of GDP was lower than in the previous quarter, with a more pronounced deceleration of Exports of Goods and Services in volume than that of Imports of Goods and Services. In the second quarter, the import deflator was negative in year-on-year terms, diminishing significantly compared to the previous quarter, determining higher gains in terms of trade compared to the previous quarter despite the deceleration in the export deflator. The positive contribution of domestic demand to the year-on-year change in GDP increased, compared to that observed in the previous quarter, with a less pronounced reduction in investment, while private consumption slowed down.

Compared to the first quarter of 2023, GDP recorded a nil quarter-on-quarter rate of change in volume, after a growth of 1.6% in the previous quarter. The contribution of net external demand to the quarter-on-quarter rate of change of GDP was negative, after having been positive in the first quarter, due to the behaviour of exports, offsetting the increase in the contribution of internal demand as private consumption accelerated.