Portugal Q1 GDP Contracts Less Than Estimate

(RTTNews) - Portugal's economy contracted less than initially estimated in the first quarter, Statistics Portugal reported Monday.

Gross domestic product fell 0.6 percent sequentially, less than the 0.7 percent decline estimated on May 15. The decline was followed by three consecutive quarters of growth.

On a yearly basis, the economy grew 1.3 percent instead of 1.2 percent prior estimate. The growth rate eased from 1.5 percent seen in the previous quarter.

The statistical office said the first quarter figures were revised upward mainly due the new data of imports and exports of goods.

Domestic demand advanced 2.9 percent annually after rising 0.5 percent in the prior quarter. This acceleration of domestic demand mainly reflected the evolution of investment, which grew 12.2 percent in the first quarter.

The growth in exports slowed to 4.3 percent from 9.1 percent. Meanwhile, imports climbed 8.5 percent, faster than the 6.4 percent increase a quarter ago.

Another report from the statistical office showed that export of goods fell 0.8 percent annually and imports slipped 0.1 percent during three months ended April. The trade deficit increased to EUR 81.3 billion.

In April alone, exports slid 4.9 percent and imports decreased 6.6 percent from the same period of last year. The trade deficit totaled EUR 628 million.