Portugal: Economy picks up slightly in the second quarter
According to a flash GDP estimate released by the National Statistical Institute (INE) on 14 August, the economy picked up slightly in the second quarter, with economic growth in quarter-on-quarter, seasonally-adjusted terms inching up to 0.5% from 0.4% in the first quarter. Meanwhile, economic growth on an annual basis rose to 2.3% in the second quarter, up from 2.1% in the first quarter.
While a comprehensive breakdown of the quarter-on-quarter result will be released on 31 August, the preliminary estimate indicated that domestic demand continued to drive growth. Meanwhile, the external sector dragged less on growth owing to a faster acceleration in exports compared to imports.