Portugal Q3 GDP Growth Weakens As Estimated

(RTTNews) - Portugal's economic growth weakened in the third quarter, in line with the initial estimates, final data released by Statistics Portugal revealed Monday.

Gross domestic product (GDP) grew a seasonally adjusted 0.2 percent quarter-over-quarter during the third quarter, which was in line with the flash estimates the government had published in November. The outcome, however, marked a deterioration from the 1.1 percent expansion seen in the June quarter.

On an annual basis, GDP contracted 1 percent, slower than the June quarter's 2 percent fall, which was revised up from a 2.1 percent contraction. The annual change matched the preliminary estimates.

The slower year-on-year decrease was a result of less negative contribution from domestic demand. On the contrary, the positive contribution of net external demand decreased, the agency said.