The published data compares with the National Institute of Statistics' rapid estimate for the first quarter, published on April 30, in which the National Statistics Authority indicated that the Portuguese economy would grow by 1.4% year-on-year and by 0.7% compared to the previous quarter of 2019. 2023.
Thus, Portuguese GDP rose on an annual basis by 1.5% in the first quarter of 2024, after an increase of 2.1% in the previous quarter, reflecting a slowdown in private consumption, with growth of 0.7% (compared to 1.6% in the first quarter of 2024). ). The previous quarter) and investment, which rose by 1.5% (compared to 3.6% in the previous quarter).
For its part, public consumption accelerated slightly, with a variation of 1.4% (1.2% in the previous quarter).
Thus, the contribution of internal demand to the annual variation in GDP slowed, moving from 1.9 percentage points, in the fourth quarter of 2023, to 1.0 percentage points.
On the other hand, the contribution of net external demand to the annual variation in GDP increased to 0.5 percentage points. (compared to 0.1 percentage point in the previous quarter), with a growth of 2.5% in exports of goods and services (3.2% in the fourth quarter) and 1.4% in imports of goods and services (2.9% in the previous quarter).
Compared to the previous quarter, GDP increased by 0.8%, after a 0.7% increase in the fourth quarter.
According to the National Institute of Statistics, the contribution of net external demand to the quarterly variation rate of the gross domestic product reached 1.0 percentage points, after it was negative in the fourth quarter (-0.2 basis points), while domestic demand recorded a contribution of -0.1 percentage points, after recording growth. A positive contribution of 0.9 percentage points in the previous quarter, with private consumption accelerating and investment falling.
