In the second quarter of 2025, Gross Domestic Product (GDP), in volume, recorded a year-on-year rate of change of 1.9%, 0.2 percentage points higher than that observed in the previous quarter. The negative contribution of net external demand to the year-on-year growth rate of GDP was less pronounced in the second quarter, driven by a sharper slowdown in imports of goods and services than in exports of goods and services. The positive contribution of domestic demand to the year-on-year growth rate of GDP slightly declined, from 3.7 percentage points in the first quarter to 3.6, reflecting a slowdown in investment. 

Compared to the first quarter of 2025, GDP increased by 0.6% in volume, following a 0.4% decrease in the previous quarter. The contribution of net external demand to the GDP quarter-on-quarter rate of change moved from -0.7 percentage points to -0.2 percentage points, reflecting an increase in exports of goods and services and a slowdown in imports of goods and services. In the same direction, the positive contribution of domestic demand also increased, to 0.8 percentage points (0.3 percentage points in the previous quarter), with a growth in private consumption.