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Financial News: Portugal GDP Falls In Q1

Portugal GDP Falls In Q1

04/30/2021 - 11:56:00 (RTTNews)

(RTTNews) - Portugal's economic output decreased in the first quarter of this year, after two quarters of growth, amid a resurgence in the coronavirus infections across Europe.

Gross domestic product decreased 3.3 percent year-on-year after a 0.2 percent increase in the fourth quarter of 2020, Statistics Portugal said Friday.

In the third quarter, the economy had grown 13.4 percent, nearly erasing the slump caused by the pandemic in the first two quarters of last year.

On a year-on-year basis, GDP decreased 5.4 percent in the first quarter of this year following a 6.1 percent fall in the previous three months.

The decline in economic output reflects the effects of the general confinement enacted earlier this year due to the deterioration of the COVID-19 pandemic, the statistical office said.

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