Gross Domestic Product (GDP), in real terms, registered a year-on-year growth rate of 1.9% in the third quarter of 2023, after increasing 2.6% in the previous quarter. The positive contribution of net external demand to the year on-year rate of change of GDP decreased, due to the significant deceleration of exports of goods and services in volume, with the goods component registering a significant reduction. Imports of goods and services recorded a moderate reduction due to the goods component. Regarding the terms of trade, the reduction of the import deflator in year-on-year terms in the third quarter was more intense than that of the export deflator, with higher terms of trade gains than in the previous quarter. Conversely, domestic demand presented a positive contribution to the year-on-year rate of change of GDP, that was higher than in the previous quarter, with an acceleration of investment and a slowdown of private consumption.

Compared to the second quarter of 2023, GDP recorded a decrease of 0.2%, after a quarter-on-quarter growth of 0.1% in the previous quarter. The contribution of net external demand to the quarter-on-quarter rate of change of GDP was negative after being positive in the second quarter, reflecting the reduction of exports of both components, goods and services, including tourism. The contribution of domestic demand moved from negative to positive in the third quarter, with increases in private consumption and investment.