The Portuguese Gross Domestic Product (GDP) increased by 2.8% in volume in the first quarter 2017, compared with the same period of 2016 (2.0% in the fourth quarter 2016). The acceleration of GDP was due to the increase of the contribution of net external demand, which shifted from negative to positive, reflecting the more pronounced acceleration in volume of Exports of Goods and Services relatively to the acceleration in Imports of Goods and Services. Domestic demand contribution remained positive, although lower than in the previous quarter, with private consumption decelerating while investment accelerated.
In comparison with the fourth quarter of 2016, GDP increased 1.0% in real terms (quarter-on-quarter change rate of 0.7% in the previous quarter). The contribution of net external demand changed from negative to positive, driven by a significant increase in Exports of Goods and Services, higher than the growth of Imports of Goods and Services. The positive contribution of domestic demand diminished significantly, mainly due to Investment. Changes in Inventories recorded a negative contribution and the contribution of GFCF, although positive, was lower than in the previous quarter.