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The Portuguese economy grew by 2.1% in 2018, revealed Thursday the National Institute of Statistics (INE). The pace of growth in economic activity was two tenths lower than the government's forecast in October, in the state budget for 2019. In the last quarter of last year, GDP grew 1.7% compared to the previous year.
The average forecast of economists surveyed by Lusa already indicated growth of 2.1% in 2018, 0.7% less than the 2.8% of 2017. For the last quarter of last year, growth 1.7% and 0.4% compared to the previous three months. Moreover, in the chain analysis, GDP was in line with economists' forecasts.
According to the INE rapid estimate, compared to 2017, the national economy had had a more negative contribution of net external demand last year: exports slowed more than the imports. Domestic demand, in contrast, had a positive contribution, but also less than in 2017. This slowdown was explained by the growth in investment, which was less pronounced.
Exports decreased at the end of 2018
For the last quarter of 2018 alone, exports decreased compared to the same quarter of 2017. This decrease means that the negative contribution from net foreign demand (exports, net of imports) was greater than third quarter. of the year.
Domestic demand has already made a more positive contribution, with more investment and more private consumption than in the fourth quarter of 2017.
In the quarterly analysis, that is to say the period from October to December, from July to September, the pace of economic growth has accelerated slightly from 0, 3% to 0.4%. This comparison can be made, the GDP data being seasonally adjusted by the INE.
As the statistical agency explains, in the last three months of the year, the contribution of net external demand to growth has been less negative, but the contribution of domestic demand, although positive, was inferior.
(News updated at 10:05)
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