Growth strengthens in the third quarter
The Portuguese economy grew by 1.1% in the third quarter in year-on-year terms and advanced 0.3% on the second quarter, the National Institute of Statistics reported.
That sees the speed of growth picking up slightly with the 1.1% year-on-year figure comparing against 0.9% in the second quarter. The report attributed the growth to a further recovery in internal demand, up from 1.7% to 1.9% in the two respective quarters and “due above all to the more intense rise in private consumption.”
However, net external demand slid to a negative 0.9% after having chipped in with 0.8% growth in the preceding quarter.The third quarter also saw investment tail off and while remaining 1.5% to the positive in year-on-year terms, this was down from the annualised 3.7% increase in the second quarter.
Meanwhile, the latest Eurostat unemployment figures confirmed that the Portuguese economy was anything but out of the woods with October seeing a rise in the total numbers of jobless.
Portugal’s unemployment rate reversed a seven month long period of improvements to rise to 13.4%, 0.1% higher than in September.
However, this does still represent a substantial annualised recovery with unemployment standing at 15.6% this time last year.