2.3% growth in Portugal’s economy during the first quarter

Lisbon, 29 May / WAM / Portugal’s economy achieved growth at a rate of 2.3% during the first quarter of the current year, compared to 1.9% during the last quarter of last year.

Data from the Portuguese Statistics Office released today revealed that domestic demand in Portugal recorded growth during the first three months of this year at a rate of 4.1% annually, compared to 3% during the last three months of last year.

Portugal’s exports increased by 1.7% after declining by 0.5% during the same period, while imports increased by 5.5% during the first quarter of this year, after rising by 1.9% during the last quarter of last year.

The office revealed that the rate of consumer price inflation in Portugal remained largely stable this May and reached 3.27% compared to 3.35% last April, and the rise was driven by a rise in energy costs by 13.15%.

The core inflation rate, which excludes the more volatile prices of fresh food and energy, stabilized at 2.20%.

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