Portuguese economy shrinks official 0.6% in first quarter

9th June 2011, Comments 0 comments

The Portuguese economy shrank by 0.6 percent in the first quarter, after a first contraction of the same amount in the last quarter of last year, final official data showed on Thursday, owing to a slump in consumption.

This was a slight improvement on the first estimate in the middle of May which showed gross national product contracting by 0.7 percent.

These final figures from the national statistics institute Ine showed that the economy shrank in the first quarter by 0.6 percent on a quarterly basis and also on a 12-month comparison.

© 2011 AFP

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