Portuguese GDP slows down in Q3
GDP increased by 2.1% year-on-year and 0.3% on quarter, according to INE's flash estimates published this Wednesday.
Portuguese economy’s growth slowed down in the third quarter. The National Statistics Office (INE) released a flash estimate of the evolution of the GDP this Wednesday.
Gross Domestic Product (GDP) increased by 2.1% year-on-year and 0.3% on quarter, consumer behaviour was slightly different this quarter and there was a slowdown in consumption.
INE’s flash estimate published this Wednesday shows that in the third quarter, GDP went up by 2.1% year-on-year and 0.3% in comparison to the previous month, which represents a slowing down from the previous quarter’s performance of the Portuguese economy, which showed a 2.4% year-on-year and 0.6% month GDP growth.
The Ministry of Finance reacted to the estimates. On the press release sent this Wednesday to newsrooms, the Ministry underlined that “this rhythm of growth represents a slowdown if compared to the previous quarter (2.4% year-on-year and 0.6% month), however, it is in line with our goal of convergence with the European Union and the euro area (GDP growth in each of these stood at 1.9% and 1.7%, year on year, respectively).
In the same press release, the Ministry added that “this is the eighteenth consecutive quarter of growth of the Portuguese economy”.
(Updating)