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Quarterly national accounts
Year-on-year change rate of Gross Domestic Product was 0.7% in volume in the fourth quarter 2014 and 0.9% in the year 2014 - 4th Quarter 2014
27 February 2015

Summary
In 2014, Gross Domestic Product (GDP) increased by 0.9% in volume, after decreasing 1.4% in the previous year. This evolution was driven by domestic demand, which shifted from a contribution to the GDP change rate of  -2.4 percentage points in 2013 to a positive contribution of 2.0 percentage points, reflecting an upturn of private consumption and, to a lesser extent, of Investment. The net external demand contribution was negative in 2014 (-1.1 percentage points), after a positive contribution in 2013 (1.0 percentage points), reflecting the more intense growth rate of Imports of Goods and Services than Exports.
In the fourth quarter 2014, GDP registered a year-on-year increase of 0.7% in volume, which compares with the change rate of 1.1% in the previous quarter. The positive contribution of domestic demand to the year-on-year GDP change rate diminished to 1.4 percentage points (2.1 percentage points in the third quarter), mainly due to the deceleration of private consumption. Net external demand registered a less negative contribution (shifting from -1.0 percentage points in the third quarter to -0.7), reflecting the acceleration of Exports of Goods and Services.
Comparing with the previous quarter, GDP increased by 0.5% in volume (0.3% in the third quarter).

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