In the 1st quarter 2012, GDP diminished 2.2%, in real terms, comparing with the same period of 2011 (change rate of -2.9% in the previous quarter). Comparing with the previous quarter, the Portuguese GDP diminished 0.1% in real terms (-1.3% in the previous quarter). The less intense year-on-year reduction of GDP was due to the lower negative contribution of domestic demand to the GDP change rate, which shifted from -10.3 p.p. in the 4th quarter 2011 to -6.4 p.p., reflecting mainly the behaviour of Investment associated to some rebuilding of stocks. The contribution of external demand declined to 4.2 p.p. (7.4 p.p. in the previous quarter), mainly reflecting the less intense decrease of Imports of Goods and Services, as Exports of Goods and Services accelerated.