Portugal's GDP figures for the second quarter of 2011

GDP decreased -0.9% after a decrease of -0.5% in the first quarter.

As a result of austerity measures, domestic demand fell sharply, outweighting the good performance of the external demand contribute to GDP growth.

...all components of domestic demand decreased, with private consumption showing the biggest decline. YoY private consumption decreased -3.7%, the biggest drop since this series were built. (Note: the next chart shows contribution to GDP growth, not YoY growth)


The next chart is the most encouraging, showing that exports have been behaving fairly well, with the second consecutive quarter with YoY growth of 8.4%.