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Gross Domestic Product in volume increased by 2.7% in year-on-year terms and 1.5% comparing with the previous quarter. In 2024 GDP grew by 1.9%
Quarterly National Accounts - Flash Estimate
Gross Domestic Product in volume increased by 2.7% in year-on-year terms and 1.5% comparing with the previous quarter. In 2024 GDP grew by 1.9% - 4th Quarter 2024
30 January 2025

Summary

Gross Domestic Product (GDP), in real terms, registered a year-on-year growth rate of 2.7% in the fourth quarter of 2024, 0.7 percentage points higher than in the previous quarter. The positive contribution of domestic demand to the year-on year growth rate of GDP increased in the fourth quarter, due to the acceleration of private consumption. The contribution of net external demand to the year on year rate of change of GDP remained negative, reflecting the more intense growth of imports of goods and services compared to exports.

Compared to the third quarter of 2024, GDP increased by 1.5% in volume, after growing by 0.3% in the previous quarter. The contribution of domestic demand to the quarter-on-quarter rate of change of GDP declined in the fourth quarter due to the reduction of investment, mainly reflecting a negative contribution of changes in inventories associated to the behaviour of external trade flows. In fact, imports of goods and services diminished in the fourth quarter compared to the previous one, leading to a positive contribution of net external demand, after being negative in the previous two quarters. 

In 2024, GDP grew by 1.9%, in volume, after increasing by 2.5% in 2023. Domestic demand presented a positive contribution to the annual growth of GDP in volume, higher than that observed in the previous year, reflecting the acceleration of final consumption expenditure, while investment slowed down. The contribution of net external demand was negative in 2024, after being positive in the previous two years, with imports of goods and services accelerating in volume, while exports maintained a growth rate close to that observed in the previous year.


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