Portugal: GDP stagnates in the second quarter
According to a preliminary reading, GDP was unchanged from Q1 on a seasonally adjusted quarter-on-quarter basis in Q2, slowing markedly from the 1.6% expansion tallied in the first quarter. Q2’s reading marked the worst result since Q1 2021.
Although a full breakdown is not yet available, the flash estimate revealed that net external demand’s contribution to growth turned negative in the second quarter. In contrast, the contribution of domestic demand increased compared to the prior quarter, underpinned by accelerating private consumption.
On an annual basis, economic growth edged down 2.3% in Q2, following the previous quarter’s 2.5% growth. Q2’s reading marked the worst since Q1 2021.
A detailed breakdown will be published on 31 August.