Portuguese economy accelerates 2.3% in the second quarter

According to the National Statistics Institute (INE), the Portuguese economy grew 2.3% in the second quarter of 2018 when compared with the same period last year. In the comparison in chain, that is, in relation to the first quarter of this year, it registered a growth of 0.5%.

The Portuguese economy grew 2.3% in the second quarter of 2018, year-on-year, revealed the National Statistics Institute (INE) on Tuesday.

When compared with the first quarter of this year, the Gross Domestic Product (GDP) increased 0.5% in real terms (having grown 0.4% in the previous quarter).

According to information released by INE, the domestic demand registered a more positive contribution, as a result of the acceleration of private consumption. On the other hand, investment has registered a less accentuated growth.

The contribution of the liquid external demand to the GDP "was slightly less negative", due to the acceleration of exports of goods and services which was higher than imports. Domestic demand, itself, remained unchanged.

The figures released today by INE fall short of the analysts and economic groups’ predictions collected by Lusa, which pointed out to a stronger acceleration in the second quarter, when they estimated that GDP would grow between 0.6% and 0.8% in the chain and between 2.4% and 2.6% year-on-year.

For the whole of 2018, the Government estimates that the economy will grow by 2.3%, according to the Stability Program, against 2.7% in 2017.