Portugal GDP


Portuguese economy remains in shambles

In the second quarter, GDP fell 1.2% over the previous quarter, according to a flash estimate released by Statistics Portugal on 14 August. The decline exceeded both the 0.1% contraction recorded in the first quarter as well as market expectations of a 0.7% fall. Moreover, the reading represents the seventh consecutive quarter of contraction for the Portuguese economy. Detailed and more complete data will be published on 7 September. In annual terms, GDP contracted 3.3%, which marked a deterioration over the 2.3% decline recorded in the first quarter and, in fact, the largest drop in three years. According to Statistics Portugal, the second quarter reading reflected a more negative contribution of domestic demand to overall growth, in particular, that of investment. On the other hand, the net contribution from the external sector improved, as exports outpaced imports. The government expects GDP to contract 3.0% this year before growing 0.2% in 2012


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