Quarterly national accounts
Gross Domestic Product was down by 3.7%
- 1st Quarter 2009
09 June 2009
In the 1st quarter 2009, Gross Domestic Product decreased 3.7% in real terms compared to the same period of the previous year (-2.0% in the precedent quarter). This reduction was associated to the negative evolution of domestic demand, whose contribution to GDP change rate was -5.6 p.p. (-0.9 p.p. in the previous quarter), mainly determined by Investment and, to a lesser extent, by private consumption. On the contrary, the contribution of net external demand to GDP growth was positive in the 1st quarter 2009 (2.0 p.p., which compares to -1.1 p.p. in the previous quarter) mainly due to a very intense reduction of Imports. Compared to the 4th quarter 2008, the rate of change on Portuguese GDP was -1.6% (-1.8% in the previous quarter).