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Portugal Economy Expands Further In Q3

Portugal's economy grew for a second straight quarter in the three months to September, but the pace of expansion was less-than-expected, preliminary figures from Statistics Portugal showed Friday.

Gross domestic product rose 0.2 percent from the previous quarter when it climbed 0.3 percent. Economists had forecast 0.4 percent growth. In the first quarter, the economy contracted 0.4 percent.

The quarterly growth was attributed largely to an increase in the household consumption, the statistical office said.

Year-on-year, GDP increased 1 percent in the third quarter following 0.9 percent growth in the three months to June. Economists were looking for 1.2 percent expansion.

Domestic demand made an intense positive contribution to annual growth, mainly owing to household consumption, the agency said. On the other hand, net external demand contributed negatively due to an acceleration in imports while export growth remained largely unchanged, it added.

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