Recovery often promised to continue bumps – iOnline

Recovery often promised to continue bumps – iOnline

Six months later, he returned to Portugal December 2013 After the first quarter the economy has contracted 0.6% in the second quarter grew 0.6%, making the country back to square this year.

The National Institute of Statistics (INE) yesterday released the interim results for the evolution of the economy in the second quarter, data pointing to a growth of 0.6% in gross domestic product (GDP) compared numbers the first three months of the year, during which GDP fell by 0.6% compared with the last quarter of 2013 Despite the return to quarterly growth between April and June, year on year the numbers point to some loss of economic glow.

According to the figures now presented by INE, the Portuguese economy grew 0.8% in the second quarter of this year compared to the same period last year, an increase compared with the positive variation of 1.3% observed in the first quarter compared with the same period also 2013 but also in the quarterly variation there are worrying signs.

“The rise of 0.6% in chain is what stands out most in this quick estimate [INE],” begins by stressing the IMF – Information on Financial Markets. “But it must be borne in mind that the evolution of GDP in Portugal continues to be influenced by fluctuations in exports. Concentration of a large volume of exports in some large companies makes changes in sales of a specific company have large impact on the final figures, “refers to a financial consultant. “Despite being a positive and better than expected number, does not reveal a strong increase in activity. No signs, for example, that domestic consumption and investment are accelerating,” also warns the IMF.

Still on the Portuguese export dependence of winds and also containment of imports by way of cuts in income through austerity, the IMF notes that “in the first quarter, the slowdown in exports (due to very floating production at the refinery in Sines) had resulted in a number of GDP worse than expected. During this quarter we have the reverse situation. ” Ie, the background changed or improved anything, taking the Sines refinery, which resumed operations.