In 2015, Gross Domestic Product (GDP) increased by 1.5% in volume, more 0.6 percentage points than in previous year. The contribution of domestic demand to the GDP change rate increased to 2.5 percentage points in 2015 (2.2 percentage points in 2014), driven by a more intense growth of final consumption expenditures, whilst Investment decelerated. Net external demand registered a less negative contribution, which shifted from - 1.3 percentage points in 2014 to -1.0 percentage points, reflecting the more intense growth rate of Exports of Goods and Services. It should also be noted that there was a pronounced gain in the terms of trade mainly due to significant decrease of the deflator of Imports of Goods and Services, largely reflecting the reduction in the energy products prices.
GDP registered a year-on-year increase of 1.3% in volume in the fourth quarter 2015 (change rate of 1.4% in the previous quarter). Net external demand recorded a slightly more negative contribution to the GDP year-on-year change rate, as Exports of Goods and Services decelerated more pronouncedly than Imports of Goods and Services. The contribution of domestic demand was 2.1 percentage points in the third and fourth quarters.
Comparing with the third quarter, GDP registered a change rate of 0.2% in real terms in the fourth quarter (0.1% in the third quarter). The contribution of domestic demand was negative as a result of the reduction of Investment, while net external demand contributed positively, due to the growth of Exports of Goods and Services.