Portugal GDP Contracts 0.6% QoQ in Q1

The Portuguese economy contracted 0.6 percent quarter-on-quarter in the first three months of 2014, slightly up from a preliminary estimated 0.7 percent contraction. Final figures confirmed the GDP slumped from a 0.5 percent expansion in the previous quarter, hurt by a fall in exports and a slowdown in investment.

Net external demand showed a more significant negative contribution to GDP, shifting from -0.4 percent in the last three months of 2013 to -0.8 percent in the first quarter of 2014, hurt by a fall in exports (-1.9 percent).

Domestic demand contributed 0.2 percent to GDP, less than 0.8 percent in the previous quarter, mainly due to a slowdown in investment.

Year-on-year, the GDP expanded 1.3 percent, compared with a preliminary estimate of 1.2 percent. While net external demand contributed negatively to growth (-1.6 percent), domestic demand accelerated and accounted for 2.8 percent.

Portugal GDP Contracts 0.6% QoQ in Q1

INE | Isabel Felino | Isabel.felino@tradingeconomics.com
6/9/2014 12:00:48 PM