Portugal’s economy grew 1.4% year on year in the first three months of the year and 0.7% from the previous quarter, the National Institute of Statistics (INE) said on Tuesday.
Gross domestic product (GDP) rose 1.4% in real terms in the first three months of 2024, after rising 2.1% in the previous quarter, the statistics body said.
The first quarter saw a slowdown in investment and private consumption compared with the same period last year, meaning that the positive contribution of domestic demand to the annual change in gross domestic product (GDP) declined.
Net external demand contributed zero to annual GDP change after being positive in the previous quarter, with exports of goods and services slowing and imports of goods and services accelerating slightly.
Compared to the fourth quarter of 2023, GDP increased by 0.7%, consistent with the pace observed in the previous quarter.
The contribution of net external demand to the chain variation of GDP turned positive in the first quarter, reflecting a slowdown in imports of goods and services that was more pronounced than a slowdown in exports of goods and services.
The positive contribution of domestic demand has weakened, with investment falling and private consumption accelerating.
Economists consulted by Lusa noted that year-on-year GDP growth was between 1% and 2.1% in the first quarter, and quarter-on-quarter growth was between 0.3% and 1.5%.