Summary
The Portuguese Gross Domestic Product (GDP) registered a year-on-year change rate of -3.3% in volume in the 2nd quarter 2012 (-2.3% in the previous quarter), confirming the results of the Flash Estimate. The stronger decline of GDP was driven by a more negative contribution of domestic demand, which shifted from -6.4 p.p. in the 1st quarter 2012 to -7.9 p.p., reflecting particularly the evolution of Investment. The positive contribution of net external demand to the year-on-year change rate of GDP increased to 4.7 p.p. (4.1 p.p. in the previous quarter), due to the more intense reduction of Imports of Goods and Services, while Exports of Goods and Services decelerated.
Comparing with the previous quarter, the Portuguese GDP diminished 1.2%.