In the first quarter of 2026, Gross Domestic Product (GDP), in volume, recorded a year-on-year rate of change of 2.3%, a rate higher by 0.4 percentage points than that observed in the previous quarter. The positive contribution of domestic demand to the year-on-year growth rate of GDP increased, from 3.1 percentage points in the fourth quarter to 4.1 percentage points. In contrast, the negative contribution of net external demand to the year-on-year GDP growth was more pronounced in the first quarter, as the increase in Imports of Goods and Services more than offset the increase in Exports of Goods and Services.
Compared to the fourth quarter of 2025, GDP presented a null rate of change in volume, following a 0.9% increase in the previous quarter. The contribution of net external demand to the GDP quarter-on-quarter rate of change moved from +1.0 percentage points to -1.6 percentage points, reflecting increases both in Exports of Goods and Services and in Imports of Goods and Services, more intense in the latter case. Conversely, the contribution of domestic demand was +1.7 percentage points (-0.1 percentage points in the previous quarter), driven by a significant increase in investment.
