Quarterly national accounts - Q4 2025

In the fourth quarter of 2025, gross domestic product (GDP), expressed in chained values with reference year 2020, adjusted for calendar effects and seasonally adjusted, increased by 0.3% compared to the previous quarter and by 0.8% compared to the fourth quarter of 2024.

The fourth quarter of 2025 had two working days less than the previous quarter and the same number of working days compared to the fourth quarter of 2024. 

The estimated carry-over effect for 2026 is 0.3%.

A positive quarter on quarter growth is recorded in the two main components of domestic demand, weaker for final national consumption (+0.1%) and stronger for gross fixed capital formation (+0.9%). Exports are estimated to have declined by 1.2% and imports increased by 1.0%. 

Domestic demand net of inventories contributed 0.3 percentage points to GDP growth: 0.1 points from final consumption by households, NPISHs and general government, and 0.2 points from gross fixed capital formation. Conversely, the contribution of net foreign demand was negative by 0.7 percentage points, while the change in inventories contributed positively by 0.7 percentage points.

On the supply side, value added increased in all main productive sectors: +0.2% in agriculture, +0.8% in industry and +0.1% in services.