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 growth rate of GDP decreased in the third quarter, with a deceleration in private consumption and in investment. The positive contribution of net external demand to the year-on-year growth rate of GDP also decreased, with a deceleration in volume of Exports of Goods and Services more intense than that of Imports. 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 six consecutive quarters, although in the third quarter of 2022 it was 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 higher than in the previous quarter. The contribution of domestic demand to the quarter-on-quarter rate of change of GDP turned positive, highlighting the growth of private consumption despite the acceleration of consumer prices, while the contribution of net external demand was lower than in the previous quarter.