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Financial News: Portugal GDP Growth Confirmed At 4.9%

Portugal GDP Growth Confirmed At 4.9%

08/31/2021 - 12:31:00 (RTTNews)

(RTTNews) - Portugal's economic growth improved at the same pace as initially estimated, latest data from Statistics Portugal confirmed Tuesday. Gross domestic product grew 4.9 percent from the first quarter, when it shrunk 3.2 percent.

Quarterly growth was largely driven by the 5.4 percentage points positive contribution of domestic demand to GDP, after being negative in the first quarter, the statistical office said. A less negative net external demand contribution in the second quarter also underpinned growth. Year-on-year, GDP rose 15.5 percent in the second quarter after a 5.3 percent fall in the previous quarter. The increase was the first since the fourth quarter of 2019.

The double-digit annual growth figure was largely due to a base effect as activity was severely hurt by the coronavirus pandemic in the same period last year.

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