Portugal’s GDP rises 1.1 percent in second quarter of 2013

15 August 2013

Portugal’s gross domestic product (GDP) posted an increase of 1.1 percent in the second quarter of 2013, against the previous quarter, according to estimates published by Portugal’s National Statistics Institute (INE).

Compared to the previous quarter the country’s GDP returned to growth, which had not happened since the third quarter of 2010.

However, year on year (against the second quarter of 2012), GDP decreased by 2 percent. In the first quarter of 2013 the contraction, year on year, was much higher, at 4.1 percent. In year on year terms GDP has yet to post growth.

According to INE in the second quarter of 2013 the recession slowed due to a smaller drop in investment (mainly in gross fixed capital formation in the construction sector) and a significant acceleration in exports of goods and services, according to INE’s statement. (macauhub)