Portuguese GDP Growth Revised Down to -0.4% QoQ in Q1


Comparing with the previous quarter, volume GDP decreased by 0.4 percent in the 1st quarter 2013 (-1.8 percent in the 4th quarter of 2012), as the result of the negative domestic demand contribution of -2.3 p.p. (-1.3 p.p. in the precedent quarter), which more than compensated the positive net external demand contribution of 1.9 p.p. (-0.5 p.p. in the 4th quarter of 2012).

Comparing with the flash estimate previously released for the 1st quarter 2013, the GDP year-on-year and quarter-on-quarter change rates were revised downwards by 0.1 p.p., mainly due to the new data of imports and exports of goods in volume terms. Imports of Goods and Services in volume diminished 6.0 percent in the 1st quarter 2013, which compares to the change rate of 2.3 percent registered in the precedent quarter. Exports of goods presented a negative year-on-year change rate of 0.3 percent in the quarter in analysis (change rate of 0.3 percent in the previous quarter).

Domestic demand registered a change rate of -6.3 percent in the 1st quarter 2013, decreasing more markedly than in the previous quarter (-4.5 percent). This evolution was due to the Investment component, which declined 16.8 percent (change rate of -2.1 percent in the previous quarter). Final Consumption Expenditures in volume decreased by 4.2 percent vis-à-vis the same period of 2012, which compares to the change rate of -5.0 percent in the previous quarter, reflecting the significantly less negative change rate of the durable component (-7.5 percent and -20.7 percent in the 1st quarter 2013 and the 4th quarter 2012, respectively).

Comparing with the previous quarter, total employment diminished 2.2 percent (-2.0 percent in the previous quarter). Total employees, seasonally adjusted, decreased by 4.9 percent vis-à-vis the same period of the previous year (-5.1 percent in the 4th quarter 2012).

Portuguese GDP Growth Revised Down to -0.4% QoQ in Q1


INE | Nuno Fontes | nuno@tradingeconomics.com
6/5/2013 10:26:30 AM