In both comparisons, it is exports that weigh on the result. In the year-on-year comparison, it is observed that the positive contribution of net external demand decreased to 1.4 percentage points, due to the “slowdown in Exports of Goods and Services in a volume that is more pronounced than that of Imports of Goods and Services”.

Between quarters, “the contribution of net external demand to the chain variation in GDP was negative in the 2nd quarter (-0.4 p.p.), after having been positive in the 1st quarter (2.3 p.p.), as a result of the decrease in exports, while the contribution of domestic demand was positive, changing from -0.7 p.p. in the 1st quarter to +0.4 p.p., reflecting the acceleration of private consumption and a less intense decrease in investment”, indicates INE.