The negative contribution of net external demand to the year-on-year GDP [Gross Domestic Product] variation was less pronounced, reflecting a more pronounced slowdown in imports of goods and services compared to exports, the INE explains.
On the other hand, the positive contribution of domestic demand to the year-on-year GDP variation decreased in the second quarter, as a result of an investment slowdown.
Regarding the quarter-on-quarter evolution, the GDP increased by 0.6% in volume, following a decrease of 0.4% in the previous quarter.
The INE indicates that the contribution of net external demand to the quarter-on-quarter GDP variation was less negative, with exports of goods and services registering growth after the reduction observed in the previous quarter.
Similarly, the positive contribution of domestic demand increased, with growth in private consumption.
The figures released today by the INE are at the upper limit of economists’ forecasts, which projected year-on-year GDP growth between 1.4% and 1.9% and quarter-on-quarter expansion between 0.2% and 0.7%.
The statistics institute also notes that the incorporation of new primary data in the rapid estimate of GDP, including international trade statistics for the first quarter of 2025, led to an upward revision of 0.1 percentage points in the year-on-year and quarter-on-quarter GDP variation rates for the first quarter of 2025, previously disclosed on June 24 (from 1.6% and -0.5%, respectively, to 1.7% and -0.4%).
This is a rapid 30-day estimate, with more detailed results on the evolution of the Quarterly National Accounts to be released on August 29.
[News updated at 10:03 AM]
