Gross Domestic Product (GDP), in volume, registered a year-on-year rate of change of 1.5% in the first quarter of 2024, after increasing 2.1% in the previous quarter. The contribution of domestic demand to the year on year growth rate of GDP decelerated, from 1.9 percentage points in the fourth quarter of 2023, to 1.0 percentage points, with a slowdown of private consumption and investment. The contribution of net external demand to the year on-year growth rate of GDP increased to 0.5 percentage points, after turning positive in the previous quarter (0.1 percentage points), with imports of goods and services in volume slowing down more intensely than exports. For the fifth consecutive quarter, there was a gain in terms of trade in year on year terms, although less significant than in the previous three quarters, as a result of the more intense decrease in the import deflator compared to the export deflator.

Comparing to the fourth quarter of 2023, GDP increased by 0.8% in volume, after increasing by 0.7% quarter-on-quarter in the previous quarter. The contribution of external demand turned positive (1.0 percentage points, following a contribution of -0.2 percentage points in the fourth quarter), while the contribution of domestic demand to the quarter-on-quarter growth rate in GDP was negative by 0.1 percentage points in the fourth quarter (0.9 percentage points in the previous quarter), with an acceleration in private consumption and a decrease in investment.