Portugal’s economy grows 1.4 percent in 1st quarter

15 May 2015

Portugal’s gross domestic product (GDP) posted 1.4 percent year-on-year growth in the first quarter of the year, indicate figures published on Wednesday 13 May by the country’s National Statistics Institute (INE).

The INE explained that the recorded growth was due to slowed imports (influenced by the lower price of oil) and an acceleration of exports.

“Domestic demand presented a less significant positive contribution in the first quarter in year-on-year terms, owing to the markedly negative contribution of changes in stocks. However, in terms of variation compared to the previous quarter, GDP growth reflected the positive contribution of domestic demand,” the INE statement specifies.

Portuguese GDP growth in the first quarter was above the average of the Eurozone, where the economy advanced 1 percent year-on-year.

Portugal’s result was better than those of Germany, Italy, France and Greece, though still well behind economies that have definitively taken off, such as Spain, the Netherlands and Slovakia, which grew by more than 2.5 percent. (Macauhub/PT)