Portuguese economy grows 0.2 percent in third quarter

5 December 2013

Portugal’s gross domestic product (GDP) posted growth of 0.2 percent in the third quarter of 2013, against the previous quarter, Eurostat said Wednesday, confirming figures already published by Portugal’s National Statistics Institute (INE).

As this is the second consecutive quarter of GDP growth, the Portuguese economy has now come out of the technical recession it had been in for 10 quarters.

Between April and June Portugal’s GDP posted growth of 1.1 percent, which was the best performance out of all Euro Zone countries.

Amongst Euro Zone countries for which figures were available, performance of the Portuguese economy was the fifth best, alongside Austria and Slovakia, which also posted growth of 0.2 percent in the third quarter.

Year-on-year Portugal’s GDP growth compares less favourably with that of its European counterparts as it fell back 1 percent compared to the same period of last year, whilst for the Euro Zone as a whole the drop was 0.4 percent. (macauhub)