In the second quarter of 2026, Gross Domestic Product (GDP), in volume, recorded a year-on-year rate of change of 2.5%, a rate 0.1 percentage points higher than that observed in the previous quarter. The negative contribution of net external demand to the year-on-year GDP growth was less pronounced in the second quarter (from -2.3 percentage points to -1.3), as Exports of Goods and Services accelerated more intensely than Imports of Goods and Services. On the other hand, the positive contribution of domestic demand to the year-on-year growth rate of GDP decreased from 4.6 percentage points in the first quarter to 3.8 percentage points, mainly reflecting the deceleration in Investment.
Compared to the first quarter of 2026, GDP increased by 0.8% in volume, following a 0.1% increase in the previous quarter. The contribution of net external demand to the GDP quarter-on-quarter rate of change was decisive for this development, shifting from -2.0 percentage points (p.p.) to +0.7 percentage points., as a result of the acceleration in Exports of Goods and Services and the slowdown in Imports of Goods and Services. Conversely, the contribution of domestic demand decreased to +0.1 percentage points (+2.1 percentage points in the previous quarter), driven by a decline in Investment.
