Luxembourg, Luxembourg, 9 July – The Portuguese economy contracted 3.7 percent in the first quarter of 2009, against the same quarter of 2008, according to estimates for the period published Wednesday in Luxembourg by Eurostat.
Although Eurostat maintained its estimate for the first figure, it raised the contraction in the Portuguese economy in the first quarter as compared to the previous quarter from 1.5 percent o 1.6 percent.
The Euro Zone, in its turn, is expected to see Gross Domestic Product (GDP) contraction increase from 4.8 percent to 4.9 percent as compared to the year on year period, and Eurostat’s estimate for a drop in GDP in the first quarter against the previous quarter remained unchanged at 2.5 percent.
Eurostat said that the drop in GDP growth in the Euro Zone had been due to a fall in consumer spending of 0.5 percent, the 4.4 percent drop in investment and an 8.8 percent decline in exports.
The latest estimates from the European Central Bank (ECB), published at the beginning of June confirmed that a recovery would not be seen this year, as the Euro Zone economy contracting between 4.4 and 5.1 percent this year and between 1 and 0.4 percent in 2010. (macauhub)