The import content reflects the percentage of imports needed to meet final demand, being the non-import (i.e. domestic) content the impact of this demand on GDP. For example, in 2015, the import content of total final demand was 28 per cent in nominal terms, meaning that each unit of final demand originated 0.28 units of imports and 0.72 units of GDP. Exports and GFCF stand out as the components of final demand with higher import content.

Despite the relative stability of the import content of final demand in nominal terms, it was observed an upward trend in real terms, generalized to the various components of final demand. In particular, the estimated import content of exports shows a clear upward trend, in line with the increasingly integration in global value chains.

For further details see Cardoso and Rua (2019), "The import content of final demand in Portugal: Nominal and real evolution", published in Banco de Portugal Economic Studies, vol. V, n.3.

Prepared by Fátima Cardoso and António Rua. The analyses, opinions and findings expressed above represent the views of the authors and not necessarily those of Banco de Portugal or the Eurosystem.

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