Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 4.9% in the third quarter of 2022 (7.4% in the previous quarter). The contribution of domestic demand to the year on year rate of change of GDP decreased in the third quarter of 2022, moving from 4.0 to 2.9 percentage points, with a slightly less intense growth of private consumption and a reduction of investment, determined by Changes in Inventories. The positive contribution of net external demand to the year-on-year rate of change of GDP also decreased to 2.0 percentage points (3.3 in the previous quarter), as a result of the more pronounced deceleration, in volume, of Exports of Goods and Services compared to Imports of Goods and Services. As a result of the sharp growth of the imports deflator, higher than that observed in exports, there was a significant loss in the terms of trade, in year-on-year terms, for the sixth consecutive quarter, although less intense than in the previous quarter.
Compared to the second quarter of 2022, GDP increased by 0.4%, in volume, 0.3 percentage points more than in the previous quarter. The contribution of domestic demand to the quarter-on-quarter rate of change of GDP turned positive, to 0.4 percentage points (-0.5 percentage points in the previous quarter), while in the case of net external demand it changed from positive (0.6 percentage points in the second quarter) to a null contribution.