The Portuguese Gross Domestic Product (GDP) increased by 2.8% in volume in the second quarter 2017, compared with the same period of 2016 (similar growth rate as in the first quarter 2017). Net external demand registered a slight negative contribution to the year-on-year GDP growth rate, reflecting the more pronounced deceleration in volume of Exports of Goods and Services relatively to the deceleration in Imports of Goods and Services. The positive contribution of domestic demand remained strong, more intense than in the previous quarter, due to the acceleration of Investment.
In comparison with the first quarter of 2017, GDP increased 0.2% in real terms (quarter-on-quarter change rate of 1.0% in the previous quarter). The contribution of net external demand was negative, while the contribution of domestic demand increased due to the Investment evolution, with a positive contribution of both Changes in Inventories and GFCF, although the latter was lower than the observed in the previous quarter.