Portugal Q2 GDP contracts by 0.2% QoQ, but rises by 6.9% YoY
According to Eurostat, in the second quarter, Portugal's economy slowed by 0.2% Quarter-on-Quarter (QoQ). Compared to the same period last year, the country’s GDP increased by 6.9%.
Portugal recorded the second highest year-on-year economic growth in the European Union during the second quarter. Compared to the same period in 2021, the country was only behind Slovenia, according to data revealed on Wednesday by Eurostat. However, when compared with the previous quarter, Portugal is one of the four European countries that reported a negative change. The European average stood at 0.6%.
Between April and June, the Portuguese economy slowed by 0.2% compared to the previous three months. This was the least pronounced decline among European peers: Poland (-2.3%); Latvia (-1.4%); Lithuania (-0.4%).
The three best-performing countries on a quarterly basis were the Netherlands (+2.6%), Romania (+2.1%) and Sweden (+1.4%).
Compared to the same period last year, the country’s GDP increased by 6.9%, staying only behind Slovenia (+8.3%).
The data released on Wednesday did not include figures for six countries: Croatia, Estonia, Ireland, Greece, Luxembourg and Malta.
The Eurostat data also revealed that the employment rate in the eurozone grew by 0.3% quarter-on-quarter in the second quarter; year-on-year, the increase was 2.4%.
