Financial News: Portugal GDP Expands At Slower Pace; Inflation Eases

Portugal GDP Expands At Slower Pace; Inflation Eases To 5.7%

04/28/2023 - 11:03:00 (RTTNews)

(RTTNews) - Portugal's economic growth moderated in the first quarter amid a deceleration in the growth of private consumption and a reduction in investment, flash data from Statistics Portugal showed on Friday.

Separate official data revealed that consumer price inflation eased further in April on the back of a slowdown in prices for electricity, gas, and food products.

Gross domestic product, or GDP, advanced 2.5 percent year-on-year in the March quarter, slower than the previous quarter's increase of 3.2 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 growth eased since the previous quarter due to the deceleration of private consumption and the decline in investment, determined by a negative contribution from the changes in inventories, the agency said.

On a quarterly basis, GDP advanced 1.6 percent in the March quarter versus a 0.3 increase in the preceding quarter.

Consumer price inflation eased notably to 5.7 percent in April from 7.4 percent in March.

This deceleration was partly explained by the base effect resulting from the increase in prices of electricity, gas, and food products seen in April 2022, the statistical office said.

The core inflation, which excludes energy and unprocessed food products, also moderated to 6.6 percent in April from 6.6 percent a month ago.

On a monthly basis, consumer prices increased 0.6 percent in April, after a 1.7 percent growth in the previous month.

EU harmonized inflation slowed to 6.9 percent from 8.0 percent in March.

The final data is set to be published by the statistical office on May 11.

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