JULY 55 The Gross Domestic Product in volume increased by 6.9% year-on-year and decreased by 0.2% quarter-on-quarter In the 2nd quarter of 2022: • Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 6.9% (11.8% in the previous quarter). This evolution partly reflects a base effect, given that several measures to fight the pandemic were in force in the 1st quarter of 2021, which limited economic activity; • The contribution of domestic demand to the year-on-year rate of change in GDP decreased, with private consumption and investment growing less; • The positive contribution of net external demand to the year-on-year rate of change in GDP increased, as a result of the sharper acceleration of Exports of Goods and Services compared to that of Imports of Goods and Services; • Implicit prices in international trade flows increased significantly, with a greater acceleration in exports due to the services components, determining a less intense loss in terms of trade than in the previous quarter; • When compared to the 1st quarter of 2022: » GDP decreased 0.2% in volume, after a quarter-on-quarter growth of 2.5% in the previous quarter, as a result of the negative contribution of domestic demand to the rate of change in GDP; » The positive contribution of net external demand increased, reflecting the aforementioned higher growth in Exports of Goods and Services than in Imports of Goods and Services. Gross Domestic Product (chain-linked volume data, 2016 reference year) Calendar and seasonally adjusted data Year-on-year rate of change, % More information is available at: Quarterly National Accounts – Flash estimate, 2nd quarter of 2022 (29 July 2022) ‐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 II 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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