Real gross domestic product (GDP) grew 1.6% in the fourth quarter of 2021, following a 1.3% rise in the third quarter. Real GDP posted a strong 4.6% growth in 2021, after the COVID-19 pandemic-induced decline (-5.2%) in 2020. Final domestic demand rose 0.7% in the fourth quarter of 2021, after rising 1.7% in the previous quarter.
Growth in real GDP was driven by business investment in engineering structures (+3.5%) and home ownership transfer costs (+14.3%), which include commissions and land transfer taxes associated with home resale, and by an accumulation of inventories. Increases in international exports were overshadowed by larger increases in imports. Rising prices moderated growth in household final consumption.
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