Portugal’s economy expands by 2.1 pct in 3Q

The Portuguese economy grew 2.1 percent in year-on-year terms in the third quarter, the National Statistical Institute of Portugal said in a preliminary report on Wednesday. Third-quarter growth was 0.3 percent greater than in the previous quarter.

The financial news agency Bloomberg reports that private consumption decelerated and exports fell more than imports, leading to the slowest year-on-year growth since the second quarter of 2016.

The Reuters news agency says investment helped boost economic growth in the third quarter.

The Portuguese government estimates the economy will grow 2.3 percent this year, the report adds.

The Portuguese economy grew by 2.7 percent last year, the strongest growth in 17 years.