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Financial News: Portugal Q2 Growth Exceeds Initial Estimates

Portugal Q2 Growth Exceeds Initial Estimates

08/31/2017 - 07:41:00 (RTTNews)

(RTTNews) - Portugal's economy expanded in the second quarter at a pace faster than estimated initially, latest data from the statistical office INE showed Thursday.

Compared to the previous quarter, gross domestic product grew 0.3 percent in the second quarter, which was also faster than the 0.2 percent initially estimated.

The Portuguese economy expanded 1 percent in the first three months of the year.

Net external demand contributed to the GDP quarter-on-quarter growth rate negatively, with a slight reduction of exports. The positive contribution of domestic demand increased mainly due to improvement in investment, with changes in inventories and gross fixed capital formation presenting positive contributions.

GDP grew 2.9 percent year-on-year in the three months to June. Second quarter growth was initially estimated at 2.8 percent, same as in the first three months of the year.

The agency said that net external demand maintained a slightly positive contribution to the year-on-year GDP growth rate as the deceleration in the exports volume was of the same magnitude as that observed in the imports volume.

Domestic demand continued to contribute significantly, higher than in the previous quarter, driven by the acceleration of investment.

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