Portugal GDP growth accelerates to 2.8% in first quarter of 2017
By Alexander Bueso
Date: Monday 15 May 2017
(ShareCast News) - Portugal's economy hit its stride at the start of the year with activity expanding its fastest clip since the last quarter of 2007.
Gross domestic product in the Iberian country jumped by 1.0% quarter-on-quarter during the first three months of the year, according to the Instituto Nacional de Estatística.
That dwarfed economists' forecasts for growth of 0.3%.
Stronger exports of goods and services and investment saw the rate of GDP growth pick up to 2.8% year-on-year, versus 2.0% in the last quarter of 2016.
INE's estimate of growth during the prior three months was also revised higher, from a 0.6% quarter-on-quarter pace to 0.7%.
"The positive contribution of domestic demand diminished significantly, mainly due to Investment. Changes in Inventories recorded a negative contribution and the contribution of GFCF, although positive, was lower than in the previous quarter."
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