Gross Domestic Product (GDP) registered a year-on-year increase of 0.9% in volume in the first quarter 2016 (change rate of 1.3% in the previous quarter). Net external demand recorded a negative contribution of 1.1 percentage points to the GDP year-on-year change rate, similar to the contribution registered in the fourth quarter, with Exports of Goods and Services and Imports of Goods and Services decelerating. The contribution of domestic demand was 2.0 percentage points in the first quarter, lower than observed in the previous quarter (2.4 percentage points) due to the reduction of Investment, as private consumption accelerated and public consumption maintained the same growth rate.
Comparing with the fourth quarter 2015, GDP registered a change rate of 0.2% in real terms (similar to that observed in the fourth quarter). The contribution of domestic demand was positive, mainly as a result of the increase of private consumption, while net external demand contributed negatively, due to the reduction of Exports of Goods and Services and the increase of Imports of Goods and Services.