Portuguese economy grows 1.5% in Q2

ISTANBUL

Portugal’s gross domestic product (GDP) increased 1.5% on an annual basis in the second quarter of the year, matching the yearly growth rate of the previous quarter, according to a flash estimate on Tuesday.

Portugal’s National Statistics Institute said that accelerated investments and private consumption lead to the rise in the nation’s GDP.

However, the contribution of net external demand to the GDP was negative, as imports of goods and services increased more than exports, the statistics office noted.

On a quarterly basis, the nation’s GDP increased 0.1%, easing from the 0.8% growth in the previous quarter.

Increase in investment and slowdown in private consumption in the positive contribution of domestic demand to the quarterly change in Portuguese GDP, the data showed.