The National Institute of Statistics (INE) announced on Thursday that gross domestic product (GDP) “registered a 2.3% year-on-year change in real terms in the second quarter of 2023 (2.5% in the previous quarter)”.
That says INE in a statement “the positive contribution of net external demand to the year-on-year change in GDP fell to 1.4 percentage points (pp) (2.4 percentage points in the previous quarter), with a more pronounced slowdown in goods exports and services in volume than that of imports of goods and services”.
“In the second quarter, the import deflator showed a negative annual rate of change, declining significantly compared to that of the previous quarter, leading to a significant increase in trade profits, despite the slowdown in the export deflator,” the INE note said.
It is further stated that “The positive contribution of domestic demand to the year-on-year change in GDP has increased, from 0.1 percentage point in the first quarter of 2023 to 1.0 percentage point, with a less pronounced decline in investment and a slight slowdown in private consumption.”
Compared to the first quarter of 2023, GDP showed zero growth, following chain growth of 1.6% in the previous quarter.
“The contribution of net external demand to the chain change in GDP was negative in the second quarter (-0.4 percentage point), after being positive in the first quarter (2.3 percentage point), reflecting the decline in exports, while the contribution from domestic demand was positive, from -0.7 percentage point in the first quarter to +0.4 percentage point, reflecting the acceleration in private consumption and a less intense fall in investment. note published on INE’s website.
Source: DN
