The Portuguese Statistics Office issued data today, Wednesday, showing that the Portuguese economy grew faster than expected in the second quarter of this year, although consumer price inflation slowed marginally in August.
The Portuguese economy increased by 7.1% year on year in the second quarter of this year, after rising by an average of 11.8% in the first quarter. According to preliminary calculations, the economy increased by 6.9% in the second quarter.
The report revealed that the growth rate of domestic demand fell to 3.7% in the second quarter, down from 10% in the first quarter, due to a slowdown in the pace of private spending and investment.
On a quarterly basis, GDP did not change in the second quarter compared to the first quarter, which recorded a quarterly growth of 2.5%, while preliminary estimates projected a 2% loss in GDP in the second quarter compared to the first quarter.
In a second study, the Statistics Office revealed that consumer prices increased by 9% year on year during the current month, compared to 9.1% last July.
The core inflation rate, which excludes the most volatile costs of energy and fresh food, increased to 6.5% year on year in the current month, up from 6.2% the previous month, and reached its highest level since March 1994.
Consumer prices in Portugal declined by 0 percent month on month during the current month.
3% after remaining unchanged during the previous month.
The Portuguese economy expanded faster than expected in the second quarter.
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