2012.03.0907:16:00UTC+00Portugal Q4 GDP Contraction Confirmed At 1.3%

The Portuguese economy contracted as estimated earlier in the fourth quarter, final data released by Statistics Portugal showed Friday.

Gross domestic product (GDP) decreased a seasonally adjusted 1.3 percent sequentially in the fourth quarter, in line with the preliminary estimates. The latest rate of decline was markedly faster than 0.6 percent recorded in the third quarter.

The acceleration in the decline in GDP reflected a significant increase in contribution from negative domestic demand, the agency said.

Year-on-year, the economy contracted 2.8 percent during the three-month period, faster than the 2.7 percent growth estimated earlier. In the previous quarter, GDP decreased a revised 1.9 percent annually.

In the year 2011, the Portuguese economy contracted 1.6 percent, quicker than 1.5 percent estimated earlier. In the previous year, GDP grew 1.4 percent.