According to a recent announcement on the Portuguese government website, Deputy Prime Minister Paulo Portas stated at a press conference following the release of the latest data by the National Statistics Institute that the data is encouraging, has boosted national economic development, and that the Portuguese economy has indeed technically emerged from recession.
According to data from the Portuguese National Statistics Institute, Portugal's GDP grew by 0.2% quarter-on-quarter in the third quarter, following a 1.1% quarter-on-quarter growth in the second quarter. In terms of year-on-year figures, GDP fell by 4% in the first quarter, 2% in the second quarter, and 1% in the third quarter.
Portuguese Minister of Economy António Pires de Lima also stated that in addition to the slight growth in GDP, imports and exports are trending toward balance, and domestic private consumption demand is growing steadily, all of which indicate that the Portuguese economy has emerged from technical recession. However, continued efforts are still required to consolidate the foundation and promote sustained economic growth.
Source: Economic and Commercial Counselor's Office of the Embassy of the People's Republic of China in Portugal
