Gross Domestic Product (GDP), in real terms, registered a year-on-year growth rate of 1.4% in the first quarter of 2024, after increasing 2.1% in the previous quarter. The positive contribution of domestic demand to the year-on year growth rate of GDP decreased in the first quarter, with a slowdown of investment and of private consumption. The contribution of net external demand to the year on-year rate of change of GDP was nil, with a deceleration in volume of Exports of Goods and Services and a slight acceleration of Imports of Goods and Services.

Compared to the fourth quarter of 2023, GDP increased by 0.7% in volume, same rate as observed in the previous quarter. The contribution of net external demand to the quarter-on-quarter rate of change of GDP turned positive in the first quarter, reflecting the deceleration of imports of goods and services that was more pronounced than that of exports of goods and services. The positive contribution of domestic demand decreased, with a reduction of investment and an acceleration of private consumption.