First-quarter GDP increases 2.5% year-over-year and 1.6% quarter-over-quarter.

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According to a preliminary estimate released today by the National Institute of Statistics (INE), the Gross Domestic Product (GDP) increased 2.5% year-over-year and 1.6% quarter-over-quarter during the first quarter.

In the 30-day flash estimate of the Quarterly National Accounts, the statistical agency reports that the Gross Domestic Product (GDP) registered a year-over-year change of 2.5% in the first quarter of 2023 (compared to 3.2% in the previous quarter).

According to the INE, “the contribution of domestic demand to the year-over-year change in GDP remained positive in the first quarter, but was lower than in the previous quarter due to the deceleration of private consumption and the reduction in investment, which was determined by a negative contribution from the change in inventories.

During the time period under review, exports of goods and services increased and imports of goods and services decreased.

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