The Portuguese economy posted a real contraction of 0.7 percent in the first quarter of 2014 against the previous quarter – the last of 2013 – Eurostat said Thursday.
The European Union Statistics Office also said that Portugal’s Gross Domestic Product )(GDP) posted the third-biggest drop amongst EU nations, after the Netherlands (-1-4 percent) and Estonia) (-1.2 percent).
Portugal’s National Statistics Institute (Statistics Portugal) when it published National Quarterly Accounts in May explained the contraction in GDP with a drop in exports f goods and services.
In the first quarter of 2013 Portugal’s GDP posted year-on-year growth of 1.2 percent.
Between 2011 and 2013 Portugal’s GDP posted contractions of 1.3 percent, 3.2 percent and 1.8 percent, respectively for each year. (macauhub/PT)