Portugal’s gross domestic product (GDP) grew year on year by 1.6 percent in the fourth quarter of 2013 and by 0.5 percent against the third quarter, according to estimates published by Portugal’s National Statistics Institute (INE).
This growth is “largely due to recovery of domestic demand,” which had a contribution “that had not been seen since the fourth quarter of 2010, mainly reflecting private consumption,” INE said.
In the third quarter of 2013 GDP saw a year on year contraction of 0.9 percent.
The 1,6 percent growth of Portugal’s GDP in the fourth quarter was the second-highest in the Euro Zone 18, according to Eurostat.
Only Latvia, which became part of the Euro Zone in 2014, posted higher growth that Portugal, of 3.6 percent in the fourth quarter. (macauhub)