The Portuguese economy confirmed in the first three months of this year the recovery trend that has shown in the last two years. In the first quarter 2015 kept the end of the growth rate of last year, which allowed him to put the annual GDP growth at the highest level since the fourth quarter of 2013.
According to the flash estimate of national accounts published on Wednesday by the National Statistics Institute (INE), the Portuguese GDP grew 0.4% during the first three months of this year. This had already been the pace recorded in the last quarter of 2014.
Compared to the same period last year, product variation reached 1.4%. This figure is substantially higher than the 0.6% recorded in the fourth quarter of 2014. The acceleration also has to do with the fact that the same period (the first in 2014) have been a period of negative growth in the Portuguese economy, which makes a comparison against the current time is more positive.
However, after a break at the end of last year, the Portuguese economy returned to annual growth rates in excess of 1% equaling the post-crisis maximum of 1.4% that was recorded in the fourth quarter of 2013.
The INE does not have this flash estimate values for the different components of GDP. However, points out that the acceleration in the annual GDP growth is due “to the increase in the contribution of net external demand as a result of the slowdown in imports of goods and services and the acceleration of exports.”
However when you look at the GDP growth compared to the previous quarter, the INE said that the result “reflected the positive contribution of domestic demand.”
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