In the first quarter of 2025, Gross Domestic Product (GDP), in volume, recorded a year-on-year rate of change of 1.6%, a rate lower by 1.2 percentage points than that recorded in the previous quarter. The positive contribution of domestic demand to the year-on-year growth rate of GDP slightly declined, from 3.6 percentage points in the fourth quarter of 2024 to 3.5, reflecting a deceleration in private consumption. In the opposite direction, Investment accelerated, driven by the significant increase in the contribution of Changes in Inventories to the year-on-year growth rate of GDP, reflecting a restocking effect after the decrease observed in the previous quarter. The negative contribution of net external demand to the year-on-year growth rate of GDP was more pronounced in the first quarter, driven by a sharp slowdown in exports of goods and services and a slight acceleration in imports of goods and services.

Compared to the fourth quarter of 2024, GDP decreased by 0.5% in volume, following a 1.4% increase in the previous quarter. The contribution of net external demand to the GDP quarter-on-quarter rate of change turned negative (moving from +0.7 percentage points to -0.7), reflecting a decline in exports of goods and services and an increase in imports of goods and services. The positive contribution of domestic demand decreased to 0.1 percentage points (0.7 percentage points in the previous quarter), with a reduction in private consumption.