Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 6.9% in the second quarter of 2022 (11.8% in the previous quarter). It should be highlighted that the GDP evolution in year-on year terms partly reflects a base effect, as several measures to mitigate the pandemic were in place in the first quarter of 2021, partially restricting economic activity. The contribution of domestic demand to the year on year growth rate of GDP decreased in the second quarter, with a less marked growth in private consumption and investment. The positive contribution of net external demand to the year-on-year growth rate of GDP increased, as a result of the more pronounced acceleration of Exports of Goods and Services compared to Imports of Goods and Services. In the second quarter, the implicit prices of the flows of external trade increased significantly, accelerating more in exports than in imports due to the components of services, determining a less intense loss of terms of trade compared to the previous quarter.

Compared to the first quarter of 2022, GDP decreased by 0.2% in volume, after increasing by 2.5% in the previous quarter, driven by the negative contribution of domestic demand to the quarter-on-quarter rate of change of GDP. In the opposite direction, the positive contribution of net external demand increased, reflecting the more pronounced growth of Exports of Goods and Services than that of Imports of Goods and Services.