In Portugal, according to the flash estimate, GDP recorded a volume year-on-year change rate of 1.6% in the fourth quarter, after presenting a reduction of 0.9% in the previous quarter. This evolution reflected mostly the positive contribution of domestic demand, mainly due to private consumption. The positive contribution of net external demand increased, led by the acceleration of Exports of Goods and Services. Comparing with the previous quarter, the GDP change rate was 0.5% in the fourth quarter (0.3% in the third quarter). The economic climate indicator maintained in January the upward movement observed since the beginning of 2013 and the economic activity indicator increased significantly in December. Information from Short-Term Statistics revealed a less intense year-on-year reduction of economic activity in services and in construction and public works and an acceleration in industry, in December. The private consumption indicator stabilized in December, reflecting the slight deceleration of non-durable consumption and the acceleration of durable consumption. In the same month, the Gross Fixed Capital Formation (GFCF) indicator recorded a less intense decrease. Concerning the international trade of goods, exports and imports registered year-on-year nominal change rates of 6.4% and 3.3% in December (6.9% and 3.4% in the previous month), respectively.