APRIL 2022 47 More information is available at: Quarterly national accounts – flash estimate, 1st quarter of 2022 29 April 2022 Gross Domestic Product in volume grew by 11.9% year-on-year and 2.6% quarter-on-quarter in the 1st quarter of 2022 In the 1st quarter of 2022: • The Gross Domestic Product (GDP), in real terms, grew by 11.9% year-on-year (5.9% in the previous quarter). This evolution partly reflects a base effect, given that several measures to fight the pandemic were in force in January and February 2021, which greatly affected economic activity; • The contribution of domestic demand to the year-on-year rate of change in GDP increased, with private consumption registering a strong growth; • The positive contribution of net external demand to the year-on- -year rate of change in GDP also increased, with a slowdown in the volume of Imports of Goods and Services and a slight acceleration of Exports of Goods and Services, reflecting the recovery of tourism activity; • The loss in terms of trade was more intense than in the three previous quarters, as a result of the pronounced growth in the import deflator; • When compared to the 4th quarter of 2021: » GDP increased by 2.6% in volume (1.7% quarter-on-quarter growth in the previous quarter); » There was a more positive contribution of domestic demand to the quarter-on-quarter rate of change in GDP, partly driven by the acceleration of private consumption, while the contribution of net external demand remained slightly positive. Gross Domestic Product (chain-linked volume data, reference year=2016) Calendar and seasonally adjusted data Year-on-year rate of change, % 11.9 -20 -15 -10 -5 0 5 10 15 20 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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