JANUARY 2022 39 MONTHLY STATISTICAL BULLETIN More information is available at: Quarterly national accounts – flash estimate, 4th quarter of 2021 (31 January 2022) In the 4th quarter of 2021, the Gross Domestic Product grew by 5.8% year-on-year and 1.6% quarter-on-quarter. In 2021, GDP grew by 4.9% In the 4th quarter of 2021: • Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 5.8% in the 4th quarter of 2021 (4.5% in the previous quarter); • Contrary to the outcome in the previous quarter, the contribution of net external demand to the year-on-year rate of change of GDP was positive, due to the acceleration in the volume of exports of Goods and Services; • The contribution of domestic demand was also positive and of a higher magnitude than that observed in the 3rd quarter; • There was a significant loss in terms of trade, more intense than in the two previous quarters, because of the pronounced growth of the import deflator, namely of energy goods and raw materials; • Compared with the 3rd quarter of 2021, GDP increased by 1.6% in volume (quarter-on-quarter growth of 2.9% in the previous quarter), reflecting a decrease in the positive contribution of net external demand to the quarteron-quarter rate of change in GDP. In 2021, as a whole: • GDP grew by 4.9% in volume, the highest since 1990, after the historic decline of 8.4% in 2020 following the markedly adverse effects of the COVID-19 pandemic on economic activity; • This variation in GDP results from: » An expressive positive contribution from domestic demand (which had been significantly negative in 2020), with a recovery in private consumption and investment; » A much less negative contribution from net external demand, with significant growths in imports and exports of goods and services. Gross Domestic Product (chain-linked volume data, reference year=2016) Calendar and seasonally adjusted data Year-on-year rate of change, % 5.8 -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 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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