Gross Domestic Product (GDP), in real terms, registered a year-on-year growth rate of 1.5% in the second quarter of 2024, the same rate as observed in the previous quarter. The positive contribution of domestic demand to the year-on year growth rate of GDP increased in the second quarter, with an acceleration of investment and of private consumption. The contribution of net external demand to the year on-year rate of change of GDP was negative, after being positive in the previous two quarters, with imports of goods and services accelerating in volume more intensely than exports of goods and services.

Compared to the first quarter of 2024, GDP increased by 0.1% in volume (0.8% in the previous quarter). The contribution of domestic demand to quarter-on-quarter rate of change of GDP became positive in the second quarter, with an increase of investment and a slowdown in private consumption. The contribution of net external demand became negative, with exports of goods and services having a nil rate of change.