GDP grows by 1.6% sequentially in the 1st quarter

Gross domestic product (GDP) rose 2.5% in the first quarter year-over-year and 1.6% year-on-year, according to a quick estimate from the National Institute of Statistics (INE) released this Friday.

“Gross domestic product (GDP) in real terms recorded a 2.5% year-on-year change in the first quarter of 2023 (3.2% in the previous quarter),” the statistical agency said in a 30-day snapshot. Accounts Quarterly Nationals estimate.

According to INE, “The contribution of domestic demand to GDP change on an annualized basis remained positive in the first quarter, but lower than in the previous quarter, as a result of a slowdown in private consumption and reduced investment, driven by a negative contribution from changes in stocks.”

The period under review also saw “acceleration of exports of goods and services and slowdown of imports of goods and services.”

In the first quarter, the INE reports a “significant year-over-year import deflator slowdown, more intense than the export deflator,” leading to an increase in trade that has not been seen since the first quarter. quarter from 2021.

In a chain comparison, i.e. with the fourth quarter of 2022, GDP increased by 1.6% in volume (a chain growth of 0.3% in the previous quarter), “reflecting a significant positive contribution from net external demand (which was negative in the fourth quarter) largely due to export dynamism.”

On the contrary, the contribution of domestic demand became negative.

In the first quarter of 2022, GDP grew by 11.9% year on year and 2.3% year on year. In the last quarter of last year, the economy showed an annual growth of 3.2% and 0.3% year on year.

In general, the Government forecasts growth by 1.8% for the year.

Detailed quarterly national accounts results for the first quarter of this year will be published on May 31st.