Financial News: Portugal Q4 GDP Growth Eases As Estimated; Inflation

Portugal Q4 GDP Growth Eases As Estimated; Inflation Rises In February

(RTTNews) - Portugal's economic growth moderated as initially estimated in the fourth quarter, while flash consumer price inflation accelerated in February, separate reports from Statistics Portugal showed on Friday.

Gross domestic product advanced 1.9 percent year-on-year in the fourth quarter, slower than the 2.2 percent rise in the third quarter. That was in line with the flash data published earlier.

The negative contribution of net external demand to the annual growth rate of GDP was less pronounced in the fourth quarter, with the slowdown in imports of goods and services more than offsetting the decrease in exports of goods and services, the agency said.

Meanwhile, the growth in domestic demand eased to 2.9 percent from 3.7 percent. Final consumption expenditure grew at a slower pace of 2.6 percent versus 3.4 percent in the third quarter. Similarly, the annual expansion in gross capital formation eased to 4.1 percent from 4.3 percent.

On a quarterly basis, the economy grew 0.9 percent in the December quarter, as estimated, following a 0.6 percent increase in the third quarter.

Consumer price inflation in Portugal rose to 2.1 percent in February from 1.9 percent in January, flash data showed. Energy prices declined at a stable rate of 2.2 percent, while inflation based on unprocessed food items accelerated to 6.6 percent from 5.8 percent.

On a monthly basis, consumer prices edged up 0.1 percent after falling 0.7 percent in January.

The EU measure of inflation was 2.1 percent in February versus 1.9 percent a month ago.

The final CPI result for the month of February is set to be published on March 11.

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