Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 3.2% in the fourth quarter of 2022 (4.8% in the previous quarter). The contribution of domestic demand to the year on year rate of change of GDP decreased in the fourth quarter of 2022, moving from 3.2 to 1.9 percentage points, with a less intense growth of private consumption and a reduction of investment. The positive contribution of net external demand to the year-on-year rate of change of GDP also decreased to 1.3 percentage points (1.6 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. For the seventh consecutive quarter, there was a loss in the terms of trade, in year-on-year terms, although it was the least intense since the second quarter of 2021, as a result of the pronounced deceleration of the import deflator compared to the export deflator.
Compared to the third quarter of 2022, GDP increased by 0.3%, in volume, similar to the rate observed in the previous quarter. The contribution of domestic demand to the quarter-on-quarter rate of change of GDP (0.2 percentage points) was less positive than in the previous quarter (0.7 percentage points), while the contribution of net external demand became positive (0.1 percentage points) after registering a negative contribution in the third quarter (-0.4 percentage points).
In 2022, GDP grew by 6.7%, in volume, the highest growth since 1987, after the 5.5% increase in 2021 that followed the historical decrease of 8.3% in 2020, following the adverse effects of the pandemic on economic activity. Domestic demand presented a significant positive contribution to the annual rate of change of GDP, although lower than in the previous year, with an acceleration of private consumption and a deceleration of investment. The contribution of net external demand turned positive in 2022, with exports of goods and services accelerating more intensely than imports of goods and services.
In nominal terms, GDP increased by 11.5% in 2022, slightly surpassing 239 billion euros.