Portugal posts biggest drop in GDP in Euro Zone in 2nd quarter

7 September 2012

The Portuguese economy in the second quarter of the year posted the biggest drop in the Euro Zone, of 1.2 percent. Collectively Euro Zone countries posted an economic contraction of 0.2 percent in the same period, according to figures from Eurostat issued Thursday in Luxembourg.

The European Union’s statistics office did not present figures for Greece in the quarterly comparison, and the Greek economy is expected to have contracted more than the Portuguese economy.

Amongst the 27 European Union member states, GDP contracted by 0.1 percent in the same period, which confirms the initial estimate put forward on 14 August, which pointed to a contraction of the European economy as a whole.

Finland (-1.1 percent) and Slovenia (-1.0 percent) were the countries, along with Portugal, that posted the biggest drops in GDP and in the opposite direction Sweden posted GDP growth of 1.4 percent and Latvia posted growth of 1 percent in the same period. (macauhub)