Portugal’s gross domestic product (GDP) grew 1.5 percent year-on-year in the second quarter of 2015, the country’s National Statistics Institute announced on Monday. It was the seventh consecutive quarter of growth.
Portugal’s economy expanded 0.4 percent in the second quarter compared to the previous three months, the statistics agency added.
The growth in GDP was driven by private consumption, which rose 3.3 percent compared to the prior-year period. Government spending increased by 0.5 percent while investment was up 7.0 percent year-on-year.
The Portuguese government raised its growth forecast for 2015 to 1.6 percent in April. That was an increase of 10 basis points over the previous official estimate.
Portugal’s economy grew 0.9 percent last year, after contracting for three consecutive years. It exited a three-year bailout programme from the European Union and International Monetary Fund in May 2014.