Gross Domestic Product (GDP), in volume, registered a year-on-year rate of change of 1.9% in the third quarter of 2023, after increasing 2.6% in the previous quarter. The positive contribution of net external demand to the year-on-year growth rate of GDP decreased significantly in the third quarter, moving from 1.7 percentage points in the previous quarter to 0.2 percentage points, featuring a marked slowdown in Exports of Goods and Services in volume, with a decrease of the goods component. Imports of Goods and Services registered a slight year-on-year decrease, with also a decline of the goods component. In the third quarter, the export deflator registered a negative year-on-year rate of change, after increases since the first quarter of 2021, while the import deflator decreased more intensely than in the second quarter, determining a gain in the terms of trade close to the one observed in the previous quarter. The positive contribution of domestic demand to the year-on-year growth rate of GDP increased, from 0.9 percentage points in the second quarter of 2023, to 1.7 percentage points, with investment increasing, after the year-on-year decline of the previous quarter, and private consumption decelerating.

Compared to the second quarter of 2023, GDP recorded a decrease of 0.2%, after a growth rate of 0.1% in the previous quarter. The contribution of net external demand to the quarter-on-quarter rate of change of GDP was negative (-1.3 percentage points), after being positive in the second quarter (0.5 percentage points), reflecting the reduction in exports, both of goods as well as services, including tourism. The contribution of domestic demand went from negative to positive in the third quarter (from -0.4 percentage points to +1.0), with private consumption and investment increasing, after the negative quarter-on-quarter rates of change recorded in the previous quarter.