The Portuguese Gross Domestic Product (GDP) registered a year-on-year increase of 0.9% in volume in the second quarter 2014 (1.0% in the previous quarter). Domestic demand recorded a less positive contribution to the GDP year on-year change rate in the second quarter, shifting from 3.3 percentage points in the first quarter 2014 to 1.8 percentage points in the second, driven largely by the evolution of Investment. Net external demand presented a less negative contribution in the second quarter (-0.9 percentage points), driven by the deceleration of Imports of Goods and Services, whilst Exports of Goods and Services decelerated.
Comparing with the fourth quarter, the Portuguese GDP increased by 0.3%, in real terms, in the second quarter (change rate of -0.5% in the previous quarter), reflecting mostly the increase of Exports of Goods and Services.
It should be noted that these new quarterly series are consistent with the results of the Annual National Accounts with the benchmarking year 2011, for the period 1995-2011, released on 29 August, and are now adjusted for both seasonal and calendar effects.