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Financial News: Portugal Q2 GDP Growth Eases

Portugal Q2 GDP Growth Eases

07/29/2022 - 07:23:00 (RTTNews)

(RTTNews) - Portugal's economic growth eased in the second quarter, after improving strongly in the previous quarter, preliminary estimates from Statistics Portugal showed Friday.

Gross domestic product advanced 6.9 percent year-on-year in the June quarter, well below the first quarter's 11.8 percent increase.

The annual evolution partly reflects a base effect, given that in the first quarter of 2021 several measures were in force to combat the pandemic that conditioned economic activity, the agency said.

On the expenditure side, the growth in domestic demand eased in the second quarter, as private consumption and investment grew at a slower pace.

Net external demand rose more strongly in the second quarter, led by a faster rise in exports than imports.

On a quarterly basis, GDP contracted 0.2 percent from the first quarter, when it grew by 2.5 percent.

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