The Portuguese economy contracted at a slower pace in the first quarter as estimated earlier, and reached near-stagnation levels, final data released by Statistical Portugal showed Friday.
Gross domestic product (GDP) dropped a seasonally adjusted 0.1 percent sequentially in the first quarter, in line with the preliminary estimates. The rate of decline was notably slower than the 1.3 percent fall recorded in the fourth quarter.
Year-on-year, the economy shrank 2.2 percent during the three-month period, as recorded in the flash estimates. In the fourth quarter, GDP decreased 2.9 percent year-on-year.
The slowdown in contraction was driven by a less negative contribution of domestic demand, the agency said, data showed.
by RTT Staff Writer
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