The Eurostat released this Friday, May 13, that the economy of the Euro Zone in the first quarter of the year, an annual increase of 1.5% and 0.5% chain. In this period, the Portuguese economy recorded the second worst performance among euro countries, both year on year, as chain.
The Portuguese gross domestic product grew 0.8% over the first three months of the year and 0.1% over the last quarter of the year. These values were below the expectations of economists contacted by the Lusa agency that expected an expanding chain of 0.3% and annual 1.1%.
The slowdown in the Portuguese economy is explained by a sharp slowdown in investment and declining exports, according to data from the National Statistics Institute published this morning.
In the first quarter the only year the Greek economy underperformed to the Portuguese economy. Greek GDP accentuated the negative trend in the last quarter of the year (-0.8%), having fallen 1.3% in the first three months of this year. In jail, the Greek economy fell 0.4%.
On the other side are Slovakia, with an annual growth of 3.6%, and Spain with an increase of 3.4%. It, however, noted that there are still no data for the first quarter for Ireland, Luxembourg and Malta. In the last quarter of 2015, Ireland and Malta were the economies that grew the most, by registering an increase of 9.3% and 5.8%, respectively.
In the whole of the European Union, Portugal remains one of the least growth recorded countries – in this case the third – surpassed only by Greece and Hungary, which had an increase of 0.5%. In the group of 28, it was Romania who registered the best performance to grow 4.2% YoY.
The European Union economy grew 0.5% in chain and 1.7% over the same quarter of 2015.
(updated to News 10:38)
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