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Financial News: Portugal Q2 GDP Growth Unrevised

Portugal Q2 GDP Growth Unrevised

08/31/2018 - 07:40:00 (RTTNews)

(RTTNews) - Portugal's economic growth improved as initially estimated in the second quarter, latest figures from Statistics Portugal showed Friday.

Gross domestic product advanced 2.3 percent year-over-year in the second quarter, faster than the 2.1 percent rise in the first quarter. That was in line with the flash data published on August 14.

Domestic demand logged a more intense positive contribution to annual GDP rate, due to the acceleration of private consumption.

Meanwhile, investment showed a less intense growth driven to a large extent by the decrease of gross fixed capital formation in transport equipment, reflecting the positive base effect recorded in the second quarter 2017.

On a quarterly basis, GDP rose 0.5 percent from the first quarter, when it expanded by 0.4 percent. The preliminary estimate was confirmed.

Another report from the statistical office revealed that consumer price inflation eased to 1.2 percent in August from 1.6 percent in June. Month-over-month, prices dropped 0.3 percent.

Inflation, based on the harmonized index of consumer prices moderated to 1.3 percent from 2.2 percent.

The August CPI final results will be released on September 12.

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