In 2013, Gross Domestic Product (GDP) decreased by 1.4% in volume (change rate of -3.2% in the previous year). The less intense reduction of GDP in 2013 was driven by the less negative contribution of domestic demand, which shifted from -6.9 percentage points in 2012 to -2.6 percentage points, reflecting the evolution in the same direction of private consumption and, to a lesser extent, Investment.
The net external demand contribution to GDP change rate decreased, shifting from 3.7 percentage points in 2012 to 1.2 percentage points, due to the increase of Imports of Goods and Services. The Portuguese economy presented a Net Lending of 2.0% of GDP, which compares with a Net Borrowing of 0.1% in 2012. This evolution was mainly due to the improvements of the External Balance of Goods and Services and the Balance of Primary Income.
In the fourth quarter 2013, GDP in volume registered a year-on-year change rate of 1.7%, after a decline of 0.9% in the previous quarter. This evolution mostly reflected the upturn of domestic demand, which presented a positive contribution of 0.1 percentage points to GDP year-on-year change rate, following a negative contribution of 1.5 percentage points in the previous quarter. The contribution of net external demand increased to 1.5 percentage points (0.6 percentage points in the third quarter), mainly due to the acceleration of Exports of Goods and Services in volume.
Comparing with the previous quarter, GDP increased by 0.6% in volume (0.3% in the third quarter).
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