2023.11.3012:53:00UTC+00Portugal Economic Growth Slows In Q3

Portugal's economy expanded at a slower pace in the third quarter amid a sharp slowdown in the growth of net external demand, flash data from Statistics Portugal showed on?Thursday.

Gross domestic product, or GDP, advanced 1.9 percent year-on-year in the September quarter, slower than the previous quarter's increase of 2.6 percent.

Net external demand's contribution to GDP growth decreased significantly in the third quarter, from 1.7 percent to 0.2 percent. Exports fell 0.2 percent over the year, while imports rose marginally by 0.1 percent.

On a quarterly basis, the economy contracted 0.2 percent in the September quarter, reversing a 0.1 percent increase in the June quarter. It was the first decline since the first quarter of 2021.