Gross Domestic Product (GDP), in real terms, recorded a year-on-year rate of change of 2.3% in the second quarter of 2023 (2.5% in the previous quarter). The positive contribution of net external demand to GDP year on-year growth rate decreased to 1.4 percentage points (2.4 percentage points in the previous quarter), with a more pronounced deceleration of Exports of Goods and Services in volume than that of Imports of Goods and Services. In the second quarter, the rate of change of the imports deflator was negative in year on year terms, decreasing significantly compared to the observed in the previous quarter, determining a pronounced increase in gains in terms of trade, despite the slowdown in the deflator of exports. In turn, the positive contribution of domestic demand to the year-on-year rate of change of GDP increased from 0.1 percentage points in the first quarter of 2023 to 1.0, with a less pronounced reduction in investment and a slight slowdown of private consumption.
Compared to the first quarter of 2023, GDP recorded a nil quarter-on-quarter rate of change in volume, after a growth of 1.6% in the previous quarter. The contribution of net external demand to the quarter-on-quarter rate of change in volume of GDP was negative in the second quarter (-0.4 percentage points), after being positive in the first quarter (2.3 percentage points), as a result of the decrease in exports, while the contribution of domestic demand was positive, moving from -0.7 percentage points in the first quarter to +0.4 percentage points, reflecting the acceleration of private consumption and the less intense decrease in investment.