The gross domestic product of Portugal reached 185 billion euros in nominal terms in 2016, registering an annual growth of 1.4%, down 20 basis points on the growth rate recorded in 2015, of 1.6%, according to the National Statistics Institute (INE).
The contribution of domestic demand to GDP growth declined, to 1.5 percentage points in 2016 (2.6 percentage points in 2015), mainly reflecting the reduction of investment and, to a lesser extent, the slight slowdown in private consumption.
Net external demand went from a contribution of -1.0 percentage points in 2015 to 0.1 percentage points as a result of the slowdown in imports of goods and services, which was more pronounced than that of exports of goods and services.
In the fourth quarter of 2016, year on year GDP increased by 2.0% in volume (from 1.7% in the previous quarter), which was revised upwards by 0.1 percentage points compared to the recently issued Flash Estimate recently disclosed. (macauhub)