Portugal: GDP growth accelerates in Q3 due to strong external sector
November 15, 2016
A preliminary estimate, published by the Statistical Office on 15 November, showed that Portugal’s GDP increased 0.8% in the third quarter from the previous period in seasonally adjusted terms. The result marked an improvement compared to the 0.3% increase observed in the second quarter.
In its statement, the Statistical Office said that the quarterly acceleration was mainly the result of a positive contribution of net external demand, which reflected a strong increase in exports of goods and services, while domestic demand made a negative contribution to overall growth.
On an annual basis, the economy gained momentum in the third quarter and accelerated from a 0.9% increase in the second quarter to a 1.6% rise. The print marked the fastest increase in a year. More detailed data will be published on 31 November.
Author: Dirina Mançellari, Senior Economist