In 2014, according to the final Annual National Accounts, the Gross Domestic Product (GDP) was 173.1 thousand million Euros. This value corresponds to a nominal increase of 1.7% and to a real increase of 0.9% when compared to 2013. The contribution of the domestic demand to the real change of GDP was positive (2.2 percentage points, p.p.), while the net external demand contribution was negative (-1.3 p.p.), as a result of a lower increase in exports (4.3%) when compared to imports (7.8%). The external balance of goods and services was positive for the second consecutive year in this series, although it decreased from 1.0% of GDP in 2013 to 0.2% of GDP in 2014.
Total employment, measured in full-time equivalent (FTE), showed a positive variation in 2014 (1.6% compared with a reduction of 2.5% in the previous year), which has not occurred since 2008. The combination of this result with the growth of 0.4% of Gross Value Added (GVA) resulted in a decrease of 1.2% in labour productivity. However, the evolution of labour productivity was different between the branches of activity and the contribution to this negative variation came mainly from some activities of non-tradable services.