Portugal’s economy grows by 1.6 pct in second quarter of 2015

25 September 2015

Portugal’s economy registered annual growth of 1.6 percent in the second quarter, the same as in the first quarter, said Wednesday in Lisbon the National Statistics Institute (INE).

The GDP figures are an upward review of the growth rate of 1.5 percent previously reported.

Quarter on quarter growth in the first two two quarters of 2015 was revised upwards and, according to the latest figures the Portuguese economy grew 0.5 percent in both the first and second quarter of 2015 compared to the preceding three months, one basis point more than previously reported.

The figures issued by INE also showed that contraction of gross domestic product in 2013 was less than previously estimated – GDP fell by 1.1 percent rather than 1.5 percent, according to INE’s figures.

In 2013, GDP totalled 170.269 billion euros, rather than 169.395 billion euros as previously calculated by INE, and this increase also changes GDP growth over the same period, which was -1 1 percent (not -1.6%) and the GDP deflator, which demonstrates prices changes in the economy was, “virtually unchanged.” (macauhub/PT)