Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 11.9% in the first quarter of 2022 (5.9% in the previous quarter). This evolution reflects a base effect, since, in January and February 2021, several measures to mitigate the pandemic were in place that strongly conditioned economic activity. The contribution of domestic demand to the year-on-year rate of change of GDP increased markedly in the first quarter of 2022, reflecting the intense growth of private consumption. The positive contribution of net external demand to the year-on-year rate of change of GDP also increased, as Imports of Goods and Services in volume slowed down, while Exports of Goods and Services accelerated, reflecting a strong rebound in tourism activities. In the first quarter of 2022, the loss in terms of trade was more intense, contributing to the decline of the External Balance of Goods and Services, that stood at -3,5% of GDP (-2.7% of GDP in the first quarter of 2021).
Compared to the fourth quarter of 2021, GDP increased by 2.6% in volume (1.7% in the previous quarter). The quarter-on-quarter acceleration of GDP was determined by the positive contribution of domestic demand, reflecting the acceleration of private consumption mostly due to the increase of expenditure in services’ activities, after the removal of most restrictions on economic activity imposed in the context of the COVID-19 pandemic. The contribution of net external demand remained slightly positive.