In the fourth quarter of 2025, Gross Domestic Product (GDP), in volume, recorded a year-on-year rate of change of 1.9%, a rate 0.3 percentage points lower 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 fourth quarter, with the slowdown in imports of goods and services more than offsetting the decrease in exports of goods and services. The positive contribution of domestic demand to the year-on-year growth rate of GDP declined from 3.7 percentage points in the third quarter to 2.9 percentage points. 

Compared to the third quarter of 2025, GDP increased by 0.9% in volume, following a 0.6% increase in the previous quarter. The contribution of net external demand to the GDP quarter-on-quarter rate of change moved from -0.9 percentage points to +1.1 percentage points, reflecting decreases both in exports of goods and services and in imports of goods and services, more intense in the latter case. On the other hand, the contribution of domestic demand was -0.2 percentage points (+1.5 percentage points in the previous quarter), with a decrease in investment and a deceleration in final consumption expenditures. 

In 2025, GDP grew by 1.9% in volume, after increasing by 2.2% in 2024. 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 more negative in 2025, with exports of goods and services in volume slowing down more intensely than imports of goods and services. 

In nominal terms, GDP increased by 5.9% in 2025 (7.2% in 2024), reaching around 307 billion euros.