Economy grows 1.5 percent in 2nd quarter

Pedestrians walk and browse stores in the Rua do Bonjardim, in the center of Porto, Portugal
Portugal

Portugal’s economy grew 1.5 percent year-on-year in the second quarter of the year and 0.4 percent over the previous quarter, indicate figures released on Monday in Lisbon by the National Statistics Institute (INE).
The figures are in line with the flash estimate of quarterly national accounts released by the INE on 14 August, whereby gross domestic product (GDP) was up 1.5 percent year-on-year in the second quarter of this year, a change rate “the same as in the first quarter.”
The INE notes the positive contribution of domestic demand, “mainly due to the growth of private consumption”, while “the net external demand contribution was negative,” with imports up 12.3 percent and exports up 7.8 percent.
Domestic demand increased by 3.4 percent, up 1.6 percentage points over the first quarter figure.
All domestic demand components were positive, with private consumption up 3.3 percent (2.5 percent in the previous quarter), public consumption up 0.5 percent (after shrinking 0.4 percent) and investment up 7 percent over the same period last yea