FEBRUARY 2022 43 Final Consumption Expenditure Resident Household (year-on-year rate of change) More information is available at: Quarterly national accounts – 4th quarter of 2021 28 February 2022 • The contribution of the net external demand to the year-on-year rate of change in GDP was also positive (0.9 p.p.), contrary to the previous quarter (-0.3 p.p.); • Exports of Goods and Services accelerated in real terms from a year-on-year rate of change of 11.9% in the 3rd quarter to 15.8%, while Imports of Goods and Services increased from 12.1% to 12.8%; • There was a significant loss in terms of trade, more intense than in the two previous quarters, as a result of the pronounced growth of the import deflator, namely of energy goods and raw materials. Indeed, the deflator of Imports of Goods and Services increased 14.8% (11.1% in the previous quarter), whereas the deflator of Exports of Goods and Services registered a year-on-year growth of 10.4% (8.9% in the 3rd quarter); • Comparedwith the 3rd quarter of 2021, GDP increased by 1.6% in volume (quarter-on-quarter growth of 2.8% in the previous quarter), with a decrease in the positive contribution of net external demand to the quarter-on-quarter rate of change in GDP; • Private consumption of Resident Households showed a year-on-year rate of change of 5.3% in volume, after the change of 4.0% in the previous quarter (-5.8% in the 4th quarter of 2020). In 2021 as a whole: • GDP grewby 4.9% in volume, the highest since 1990, following the historic decline of 8.4% in 2020, reflecting the markedly adverse effects of the COVID-19 pandemic on economic activity; • Domestic demand recovered significantly, with a rate of change of 5.0% in real terms (-5.6% in the previous year), moving from a contribution to the annual rate of change of GDP of -5.5 p.p. in 2020 to 5.2 p.p. in 2021. This positive evolution of domestic demand was based on the recovery of private consumption and investment; • The contribution of net external demand was much less negative than in the previous year (-0.2 p.p. in 2021; -2.9 p.p. in 2020), with significant increases in Exports and Imports of Goods and Services (13.0% and 12.8%, respectively); • In nominal terms, GDP increased by 5.7% in 2021 and amounted to around €211 billion. 3.5% 5.3% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 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 III IV I II III IV I II III IV I II III IV 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Durable goods Total
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