GDP registered a year-on-year increase of 1.5% in volume in the first quarter 2015, which compares to the change rate of 0.6% in the previous quarter. Net external demand shifted from a contribution to the GDP change rate of -1.0 percentage points in the previous quarter to a null contribution in the first quarter. This evolution was driven by the acceleration of Exports and the deceleration of Imports of Goods and Services in volume. The improvement in the external balance of goods and services in the first quarter 2014 was also driven by the pronounced and more significant gain in the terms of trade than in the previous quarter. Domestic demand recorded a slightly less significant positive contribution in the first quarter, of 1.5 percentage points (1.6 percentage points in the fourth quarter), reflecting the strong negative contribution of Changes in Inventories.
Comparing with the previous quarter, GDP increased by 0.4% in volume (similar change rate in the fourth quarter). The domestic demand contribution was positive, due to the increase of Investment and of private consumption, while the net external demand contribution was negative.