(Reuters) – Portugal’s statistics institute revised the magnitude of the quarter-on-quarter economic contraction to a slightly more moderate 3.8% from its flash estimate of 3.9%.
In its second reading of gross domestic product for the quarter released on Friday, the National Statistics Institute (INE) also said the economy shrank 2.3% from a year earlier, slightly less than its flash estimate of 2.4%.
The contraction of the economic activity reflected the COVID-19 pandemic impact which, in the last month of the quarter, had already a significant impact, the INE said.
In the fourth quarter of 2019, the economy grew 0.7% quarter-on-quarter and 2.2% year-on-year.
(Reporting by Joao Manuel Mauricio in Gdansk, editing by Andrei Khalip)