May 30, 2018 / 10:29 AM / 10 months ago

Portugal economic growth slows down in first quarter on exports

FILE PHOTO: Trams are seen in downtown Lisbon August 20, 2013. REUTERS/Rafael Marchante

LISBON (Reuters) - Portugal’s economic growth slowed down in the first quarter to 0.4 percent after 0.7 percent in the last three months of 2017, weighed down by lower net exports, official data showed on Wednesday, confirming an earlier estimate.

In its second reading of gross domestic product for the quarter, the National Statistics Institute (INE) also said the economy grew 2.1 percent in January-March from a year earlier, after an expansion of 2.4 percent in the fourth quarter.

Net exports had a negative contribution of 0.3 percent to the quarter-on-quarter growth and 0.4 percent in the year-on-year figure, while the positive contribution to GDP from internal demand increased.

Portugal’s economy grew 2.7 percent in 2017, its strongest pace in 17 years, and this year the government expects a 2.3 percent expansion.

Reporting By Andrei Khalip, editing by Axel Bugge

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