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Portuguese economy grew 0.9pct yr-on-yr, first quarter 2016

The Portuguese economy grew 0.9 percent year-on-year in the first three months of 2016, Statistics Portugal announced on Tuesday.

The figure represented a slowing of economic growth compared to the final quarter of 2015, when the country’s gross domestic product (GDP) grew 1.3 percent.

The figure for this year’s first quarter was, nevertheless, higher than the 0.8-percent year-on-year growth for the first quarter that the statistics bureau had mentioned in an April estimate, said Portuguese public broadcaster RTP.

“Net external demand recorded a negative contribution of 1.1 percentage points to GDP [judged] year-on-year… similar to the contribution registered in the fourth quarter, with exports of goods and services and imports of goods and services decelerating,” Statistics Portugal said in its report.