The National Institute of Statistics (INE) suggested in its rapid estimate released at the end of July that the negative contribution of net external demand to the year-on-year variation of GDP (Gross Domestic Product) was less pronounced, reflecting a more marked slowdown in imports of goods and services than in exports of goods and services.
On the other hand, the positive contribution of domestic demand to the year-on-year variation of GDP decreased in the second quarter, resulting from the slowdown in investment.
In terms of quarter-on-quarter evolution, GDP is estimated to have increased by 0.6% in volume, following a decline of 0.4% in the previous quarter.
More detailed results regarding the evolution of the Quarterly National Accounts are expected to be released today.
For the entire year, the Government had initially projected a GDP growth of 2.1% in the State Budget for 2025. However, this projection was revised upwards to 2.4% in the Annual Progress Report submitted to Brussels.
