AUGUST 2022 49 • The contribution of net external demand to year-on-year GDP change increased from +1.7 p.p. to +3.5 p.p.; • Year-on-year rates of change accelerated differently between: » Exports of Goods and Services: +8.2 p.p.; and » Imports of Goods and Services: +3.0 p.p.; • International trade flows implied prices increased significantly, with exports accelerating further due to the Services components, slowing down the terms of trade loss vis-à-vis the previous quarter; • The External Balance of Goods and Services in nominal terms stood at -2.2% of GDP, up +1.4 p.p. from the first quarter, thanks to the combined effects of the evolution of the terms of trade and the upsurge in volume; • Chained GDP was nil, down from +2.5 p.p. in the first quarter, thanks to symmetrical contributions from: » Internal demand: -1.1 p.p. (+2.1 p.p. in the first quarter); and » Net external demand: +1.1 p.p. (+0.4 p.p. in the previous quarter); • Both employment and paid employment kept growing (+1.8% and +2.8%, respectively), albeit slower than in the previous quarter (+4.4% and +4.6%, in the same order). Final consumption expenditure Resident families (year-on-year variation) More information is available at: Quarterly National Accounts – 2nd quarter of 2022 31 August 2022 -30% -20% -10% 0% 10% 20% 30% 40% 50% 21% 4% 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 II 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Durable goods Total
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