Gross Domestic Product (GDP), in volume, registered a year-on-year rate of change of 2.2% in the fourth quarter of 2023, after increasing 1.9% in the previous quarter. The contribution of domestic demand to the year-on-year growth rate of GDP increased slightly, from 2.0 percentage points in the third quarter of 2023, to 2.1, with an acceleration in private consumption and a slowdown in investment. The contribution of net external demand to the year-on-year growth rate of GDP turned positive (0.1 percentage points), after being negative in the previous quarter (-0.2 percentage points), with exports of goods and services in volume growing more intensely than imports. For the fourth consecutive quarter, there was a gain in terms of trade in year on year terms, although less significant than in the previous two quarters, as a result of the more intense decrease in the import deflator compared to the export deflator.

Comparing with the third quarter of 2023, GDP increased by 0.8% in volume, after decreasing by 0.2% quarter on-quarter in the previous quarter). The contribution of domestic demand to the quarter-on-quarter variation in GDP in the fourth quarter (1.1 percentage points) was higher than that recorded in the previous quarter (0.7 percentage points), while the contribution of external demand remained negative (-0.3 percentage points), but less intense than in the third quarter (-0.9 percentage points).

In 2023, GDP grew by 2.3% in volume, after the 6.8% increase in 2022, the highest since 1987. Domestic demand presented a positive contribution to the annual growth rate of GDP, although lower than that observed in the previous year, with a slowdown in private consumption and investment. The contribution of net external demand was also positive in 2023, but less intense than in the previous year, with exports and imports of goods and services in volume slowing down significantly.

In nominal terms, GDP increased by 9.7% in 2023, reaching around 266 billion euros.