The Portuguese Gross Domestic Product (GDP) increased by 1.4% in volume in the third quarter 2015, compared with the same period of 2014 (1.6% in the second quarter 2015). The positive contribution of domestic demand decreased in the third quarter, reflecting the deceleration of Investment and, to a lesser extent, private consumption. Net external demand registered a negative contribution to the GDP year-on-year change rate, however less intense than in the second quarter. It should also be noted that this flash estimate points out to a larger gain in the terms of trade than in the previous quarter, with a significantly negative deflator of Imports of Goods and Services, mainly reflecting the reduction in the energy products prices.
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.