Gross Domestic Product (GDP), in volume, registered a year-on-year growth rate of 1.6% in the first quarter of 2025, after increasing 2.8% in the previous quarter. The positive contribution of domestic demand to the year-on year growth rate of GDP decreased in the first quarter, as a result of the deceleration of private consumption. The negative contribution of net external demand to the year on year rate of change of GDP was more pronounced, reflecting the slowdown of exports of goods and services.

Compared to the fourth quarter of 2024, GDP decreased by 0.5% in volume, after growing by 1.4% in the previous quarter. The contribution of net external demand to the quarter-on-quarter rate of change of GDP was negative while the domestic demand contribution was nil, after both being positive in the previous quarter.