Gross Domestic Product (GDP), in real terms, registered a year-on-year growth rate of 2.2% in the fourth quarter of 2023, after increasing 1.9% in the previous quarter. The contribution of domestic demand to the year-on year growth rate of GDP remained high in the fourth quarter, with an acceleration in private consumption and a slowdown in investment. The contribution of net external demand to the year on-year rate of change of GDP became positive, with Exports of Goods and Services in volume increasing more intensely than Imports. 

Compared to the third quarter of 2023, GDP increased by 0.8% in volume (-0.2% in the previous quarter). The contribution of domestic demand to the quarter-on-quarter rate of change of GDP increased in the fourth quarter reflecting the behaviour of private consumption, while the contribution of net external demand was less negative.

In 2023, GDP grew by 2.3%, in volume, after 6.8% in 2022, the highest growth since 1987. Domestic demand presented a positive contribution to the annual growth of GDP, although less significant than that observed in the previous year, with a slowdown in private consumption and in investment. The contribution of net external demand was also positive in 2023, but lower than in 2022, with strong decelerations in volume of both exports and imports of goods and services.