In the first quarter 2019, the Portuguese Gross Domestic Product (GDP) registered a year-on-year growth rate of 1.8% in volume (1.7% in the previous quarter). The contribution of domestic demand to GDP year-on-year rate of change increased to 4.8 percentage points (3.3 percentage points in the fourth quarter of 2018), due to the significant acceleration of Investment. This acceleration mainly reflected the evolution of GFCF in Construction and in Other Machinery and Equipment, as well as the significant increase in Changes in Inventories, associated with the strong acceleration of imports of goods.
Net external demand presented a more negative contribution, of -3.1 percentage points (-1.6 percentage points in the previous quarter), with Imports of Goods and Services accelerating more intensely than Exports of Goods and Services.
In comparison with the fourth quarter of 2018, GDP increased 0.5% in real terms (0.4% in the preceding quarter). This evolution resulted from a higher contribution of domestic demand to GDP quarter-on-quarter rate of change, which increased from 0.8 to 2.2 percentage points, while the contribution of net external demand to the GDP was more negative than in the last quarter of 2018, shifting from -0.4 to -1.7 percentage points.