The Portuguese Gross Domestic Product (GDP) increased by 2.1% in volume in the first quarter 2018, compared with the same period of 2017 (2.4% in the previous quarter). Net external demand registered a more negative contribution to GDP year-on-year change rate, as Exports of Goods and Services decelerated more pronouncedly than Imports of Goods and Services. The positive contribution of domestic demand remained unchanged, reflecting the slight slowdown of private consumption, while Investment registered a minor acceleration due to the behaviour of Change in Inventories, reflecting the negative base effect recorded in the first quarter 2017.
In comparison with the fourth quarter of 2017, GDP increased 0.4% in real terms (0.7% in the previous quarter). The contribution of net external demand to quarter-on-quarter GDP change rate was negative, after being positive in the previous quarter, as a result of the higher increase in Imports of Goods and Services than in Exports of Goods and Services. The positive domestic demand contribution increased in the first quarter, due to the acceleration of Gross Fixed Capital Formation and private consumption.