MAY 2022 50 Gross Domestic Product in volume recorded a year-on-year growth rate of 11.9% and a quarter-on-quarter growth rate of 2.6% Gross Domestic Product (chain-linked volume data, reference year=2016) Calendar and seasonally adjusted data Year-on-year rate of change, % In the 1st quarter of 2022: • Gross Domestic Product (GDP) registered: » A year-on-year rate of change of 11.9% in real terms (5.9% in the previous quarter and -5.4% in the 1st quarter of 2021). This outcome reflects a base effect, given that several measures to fight the pandemic were in force in January and February 2021, which strongly conditioned economic activity; » A growth of 12.7% in nominal terms (6.4% in the previous quarter and -3.5% in the 1st quarter of 2021); • Domestic demand had a significant contribution to the yearon-year rate of change in GDP in volume, from 5.2 p.p. in the 4th quarter of 2021 to 10.1 p.p.; By components of domestic demand: » The sharp growth in private consumption, with a year-onyear rate of change of 12.6% in real terms, in the 1st quarter (5.4% in the previous quarter), mainly due to the growth in expenditure in various service activities, following the lifting of most restrictions imposed on economic activity in January and February 2021, in the context of the COVID-19 pandemic, was particularly noteworthy; » Public consumption increased by 4.8% year-on-year, i.e., 2.8 p.p. more than in the previous quarter, also reflecting a base effect associated with the pandemic restrictions; » Investment slowed to 5.4% (7.1% in the previous quarter); -20 -15 -10 -5 0 5 10 15 20 11.9 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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