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Financial News: Portugal's GDP Growth Accelerates On Exports

Portugal's GDP Growth Accelerates On Exports

02/14/2020 - 04:48:00 (RTTNews)

(RTTNews) - Portugal's economic growth improved in the fourth quarter driven by exports, data from Statistics Portugal revealed on Friday.

Gross domestic product climbed 2.2 percent on year, faster than the 1.9 percent expansion posted in the third quarter. This was the fastest expansion since the third quarter of 2018.

The net trade provided positive contribution to growth after being negative in the previous quarters. Exports of goods and services accelerated, while imports of goods and services decelerated.

At the same time, contribution from domestic demand eased with a slowdown in private spending and investment.

On a quarterly basis, GDP growth rose to 0.6 percent from 0.4 percent in the preceding period.

Nonetheless, in the whole year of 2019, GDP increased 2.0 percent versus 2.4 percent seen in 2018 and 3.5 percent in 2017.

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