Financial News: Portugal Economic Growth Eases, Inflation Rises Slightly

Portugal Economic Growth Eases, Inflation Rises Slightly

05/02/2025 - 08:23:00 (RTTNews)

(RTTNews) - Portugal's economy expanded at a slower pace in the first quarter of 2025, while consumer price inflation rose somewhat in April, separate flash reports from Statistics Portugal showed on Friday.

Gross domestic product, or GDP, advanced 1.6 percent year-on-year in the March quarter, slower than the 2.8 percent rise in the fourth quarter.

The outcome in the March quarter was due to the moderation in the positive contribution of domestic demand as a result of the slowdown in private consumption.

Further, the negative contribution of net external demand to the GDP was more pronounced in the first quarter, reflecting the slowdown in exports of goods and services.

On a quarterly basis, the economy contracted 0.5 percent in the first quarter, reversing a 1.4 percent growth in the previous quarter.

Consumer price inflation in Portugal rose to 2.1 percent in April from 1.9 percent in March. The annual price growth in food products accelerated to 3.3 percent from 2.8 percent, which largely influenced the rise in inflation. Meanwhile, costs for energy products dropped 0.1 percent.

On a monthly basis, consumer prices moved up 0.7 percent after rising 1.4 percent in March.

The EU measure of inflation also climbed to 2.1 percent in April from 1.9 percent in March.

Another piece of official data showed that the annual growth in industrial production declined notably by 5.5 percent annually in March, reversing a 1.2 percent growth in February.

Manufacturing production alone contracted 5.0 percent, and output produced in the utility sector plunged by 9.0 percent.

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