Summary
The Portuguese Gross Domestic Product (GDP) registered a year-on-year change rate of -2.7% in volume in the 4th quarter 2011 (-1.8% in the previous quarter), accordingly with the flash estimate of the Quarterly National Accounts. Comparing with the previous quarter, the Portuguese GDP diminished 1.3%.
The more intense year-on-year GDP reduction in the 4rd quarter 2011 reflected a significant decline in the negative contribution of Domestic Demand, mainly driven by a stronger decrease in Investment and Households’ Final Consumption Expenditures. The positive contribution of Net External Demand increased, mainly as a result of a strong year-on-year decrease in Imports of Goods and Services. Exports of Goods and Services, although decelerating, continued to register a high year-on-year growth rate.
In 2011, the Portuguese GDP diminished 1.5% in real terms.