23 Mar 2013

Portugal's 4th quarter 2012 national accounts data

As usual, I present a few figures based on the national accounts data published by the national statistics office. To better interpret the data, take into consideration that the current goverment won the elections on the 5th June 2011 and that date roughly coincides with the beggining of implementation of the Troika memorandum, although some austerity measures were already implemented by the previous government.

GDP decreased 3.78% in the last quarter of 2012. (Anual decrease of 3.2%)

The external contribution to growth has been decreasing

Exports are slowing down reflecting a slower economic activity in trading partners

Heavy decreases are observed in consumption of durable goods (also in construction investment). 

This shows the weights of GDP components. In the second quarter of 2011 they were: private consumption 65%, public consumption 22%, investment 20%, exports 32% and imports 42%. 

 The external position continues to adapt favourably, which comes as no surprise given the contraction observed in domestic demand

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