Portugal GDP Growth At 7-Year High Of 1%
The Portuguese economy advanced 1 percent on quarter in the first three months of 2017, following an upwardly revised 0.7 percent growth in the previous period. It is the biggest expansion since the first quarter of 2010, mainly boosted by external demand, preliminary estimates showed.
5/15/2017 2:12:34 PM
The contribution from net trade turned positive in Q1 as exports rose faster than imports. On the other hand, the postive contribution from domestic demand decreased as gross fixed capital formation grew less and inventories declined.
Year-on-year, the economy advanced 2.8 percent, well above 2 percent in the last three months of 2016 and the highest since the last quarter of 2007. The contribution from net trade also turned positive on a yearly basis while private spending and investment slowed.
The government expects the economy to grow 1.8 percent in 2017, higher than 1.4 percent in 2016 and in line with European Commission forecasts. The IMF estimates 1.7 percent.