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Financial News: Portugal Economic Growth Eases Further; Industrial Output

Portugal Economic Growth Eases Further; Industrial Output Rises Slightly

10/31/2022 - 09:48:00 (RTTNews)

(RTTNews) - Portugal's economic growth moderated for the second straight quarter in the three months ended September, flash data from Statistics Portugal showed on Monday.

Separate official data revealed that industrial production rose at a slower pace in September.

Gross domestic product advanced 4.9 percent year-on-year in the September quarter, slower than the June quarter's increase of 7.4 percent.

Further, this was the weakest rate of expansion since the current sequence of growth began in the second quarter of 2021.

The contribution of domestic demand to the annual GDP growth declined in the third quarter due to decelerating private consumption and investment, the agency said.

The positive contribution of net external demand to the year-on-year growth rate of GDP also eased, with a deceleration in volume of exports of goods and services more intense than that of imports.

On a quarterly basis, GDP advanced 0.4 percent in the third quarter versus a moderate increase of 0.1 percent in the second quarter.

Another report from the statistical office showed that industrial production climbed 0.9 percent year-over-year in September, well below the 5.4 percent gain in August. Nonetheless, this was the fifth straight increase in a row.

Among sectors, manufacturing production grew 2.0 percent annually in September and mining output registered a negative growth of 5.6 percent. Meanwhile, production in the utility sector declined 4.3 percent.

Excluding energy, the annual growth in industrial output eased notably to 2.2 percent from 6.5 percent.

On a monthly basis, industrial production fell 2.5 percent in September, reversing a 2.8 percent rise in August.

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