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Quarterly national accounts
Gross Domestic Product increased by 1.4% in real terms - 3rd Quarter 2015
30 November 2015


GDP registered a year-on-year increase of 1.4% in volume in the third quarter 2015, which compares with the change rate of 1.6% in the previous quarter. The contribution of domestic demand to the GDP year-on-year change rate decreased in the third quarter (from 3.5 percentage points in the second quarter to 1.9 percentage points), reflecting the deceleration of Investment and, to a lesser extent, final consumption. Net external demand registered a negative contribution (-0.5 percentage points), however less intense than in the second quarter (-2.0 p.p.). It should also be noted that there was a larger gain in the terms of trade than in the previous quarter, with the deflator of Imports of Goods and Services decreasing significantly, mainly reflecting the reduction in the energy products prices. In nominal terms, External Balance of Goods and Services increased in the third quarter, shifting from 0.1% of GDP in the second quarter to 1.3%.
Comparing with the second quarter, GDP registered a null change rate in real terms in the third quarter (0.5% in the second quarter). The contribution of domestic demand was negative, mainly due to the reduction of Investment, while net external demand contributed positively, with Imports of Goods and Services decreasing more intensely than Exports of Goods and Services.

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