Portuguese GDP Growth Confirmed at 1.1% in Q2

In the second quarter of 2013, Portugal's GDP increased by 1.1 percent quarter-on-quarter, up from -0.4 percent in Q1. The confirmed expansion follows 10 successive quarters of contraction and was led by rising external and domestic demand.

Domestic demand presented a positive contribution of 0.8 percentage points to growth, with private consumption and investment recording positive change rates. 

Net external demand also presented a positive contribution, of 0.3 p.p., although less significant than in Q1 (1.7 p.p.), due to the increase of imports of goods and services.

Exports of goods and services recorded a significant quarter-on-quarter growth rate (5.2 percent). The acceleration of the goods exports was influenced by the calendar effect associated with the Easter period, with an estimated positive impact between 1.5 p.p. and 2.5 p.p.

Total employment registered a less intense reduction in Q2, shifting from a year-on-year change rate of -5.2 percent in Q1 to -4.1 percent. Comparing with the previous quarter, total employment increased 0.8 percent. 

Portuguese GDP Growth Confirmed at 1.1% in Q2

INE | Nuno Fontes | nuno@tradingeconomics.com
9/6/2013 11:31:40 AM