November 14, 2018 / 9:51 AM / a month ago

Portugal third-quarter GDP grows 0.3 pct quarter-on-quarter

A shopper looks at "A Vida Portuguesa" shop in downtown Lisbon, Portugal, April 26, 2016. REUTERS/Rafael Marchante/File Photo

LISBON (Reuters) - Portugal’s economic growth slowed in the third quarter to 0.3 percent after a 0.6 percent expansion in the previous three month period, on the back of lower exports, official data showed on Wednesday.

In its flash estimate of gross domestic product for the quarter, the National Statistics Institute (INE) also said the economy grew 2.1 percent in July-September from a year earlier, down from an expansion of 2.4 percent in the second quarter.

The institute said investment helped yearly growth while domestic consumption contributed less.

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 Axel Bugge

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