Gross Domestic Product (GDP), in real terms, registered a year-on-year rate of change of 3.1% in the fourth quarter of 2022 (4.9% in the previous quarter). The contribution of domestic demand to the year-on year growth rate of GDP decreased in the fourth quarter, with a deceleration in private consumption and a decline in investment. The positive contribution of net external demand also decreased, with Exports of Goods and Services in volume decelerating more intensely than Imports. In the fourth quarter of 2022, there was a loss in terms of trade in year-on-year terms, but less intense than the losses observed since the second quarter of 2021, due to the more pronounced deceleration of the deflator of imports than that of exports.
Compared to the third quarter of 2022, GDP increased by 0.2% in volume (0.4% growth in the previous quarter), with a decrease of the positive contribution of domestic demand to the quarter-on-quarter rate of change of GDP, while the contribution of net external demand remained slightly negative.
In 2022, GDP grew by 6.7%, in volume, the highest growth since 1987, after the 5.5% growth in 2021 which followed the historic decrease of 8.3% in 2020 in the context of the adverse effects of the pandemic on economic activity. Domestic demand presented a significant positive contribution to the annual growth of GDP, but less than that observed in the previous year, with an acceleration in private consumption and a slowdown in investment. The contribution of net external demand was positive in 2022, after being negative in 2021, with an acceleration in volume of exports of goods and services and a deceleration of imports.