Gross Domestic Product (GDP), in volume, registered a year-on-year rate of change of 1.5% in the second quarter of 2024, a similar growth rate as in the previous quarter. The positive contribution of domestic demand to the year on year growth rate of GDP increased in the second quarter, with investment and private consumption accelerating. The contribution of net external demand to the year on-year growth rate of GDP was negative, after being positive in the previous two quarters, with imports of goods and services in volume accelerating more intensely than exports of goods and services. 

Comparing to the first quarter of 2024, GDP increased by 0.1% in volume (0.8% in the previous quarter). The contribution of domestic demand turned positive in the second quarter, with investment increasing and private consumption slowing down. The contribution of net external demand moved from positive, in the previous quarter, to negative, with imports of goods and services increasing quarter-on-quarter after the decline of the previous quarter, and exports of goods and services decelerating.