Gross Domestic Product (GDP), in volume, recorded a year-on-year growth rate of 1.9% in the fourth quarter of 2025, after increasing 2.3% in the previous quarter. The negative contribution of net external demand to the year on-year rate of change of GDP was less pronounced, with a marked slowdown in imports of goods and services and a decline in exports of goods and services. Note that these developments were driven by the goods component, reflecting, to a large extent, the reduction in the transactions of oil products. The positive contribution of domestic demand to the year on year growth rate of GDP decreased, with private consumption and investment slowing down.

Compared to the third quarter of 2025, GDP increased by 0.8% in volume, after a 0.7% increase in the previous quarter. The contribution of net external demand to the quarter-on-quarter rate of change of GDP turned positive, as imports of goods and services decreased significantly, mainly due to the previously mentioned behaviour of oil products transactions, while the contribution of domestic demand turned negative, with a marked decrease in investment and a deceleration in private consumption.

In 2025, GDP grew by 1.9%, in volume, after increasing by 2.1% in 2024. Domestic demand presented a positive contribution to the annual growth of GDP in volume, higher than in the previous year, reflecting the acceleration in private consumption and investment. The contribution of changes in inventories turned positive, while the gross fixed capital formation slowed down. The contribution of net external demand was more negative in 2025, as exports of goods and services in volume decelerated more significantly than imports of goods and services.