Gross Domestic Product (GDP), in volume, registered a year-on-year rate of change of 2.8% in the fourth quarter of 2024, a rate 0.9 percentage points higher than that recorded in the previous quarter. The positive contribution of domestic demand to the year on year growth rate of GDP increased, from 2.9 to 3.1 percentage points in the fourth quarter, with an acceleration of private consumption and a reduction of investment. The contribution of net external demand to the year on-year growth rate of GDP was less negative, moving from -1.0 to -0.3 percentage points, with a slowdown in exports less intense than that of imports.

Compared to the third quarter of 2024, GDP increased by 1.5% in volume, after a rate of 0.2% observed in the previous quarter. The contribution of net external demand to the GDP quarter-on-quarter rate of change turned positive (shifting from -1.2 percentage points to +1.0), with imports diminishing in the fourth quarter. The positive contribution of domestic demand decreased to 0.6 percentage points due to the reduction of investment, mainly reflecting a negative contribution of changes in inventories associated to the behaviour of external trade flows.

In 2024, GDP grew by 1.9% in volume, after the 2.6% increase in 2023. Domestic demand presented a positive contribution to the annual growth rate of GDP, higher than that observed in the previous year, with an acceleration of final consumption expenditures. The contribution of net external demand was negative in 2024, with the deceleration of exports of goods and services and the more intense growth of imports.

In nominal terms, GDP increased by 6.3% in 2024 (9.8% in 2023), reaching around 285 billion euros.