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Portugal revises first-quarter GDP contraction to 3.8% - Metro US

Portugal revises first-quarter GDP contraction to 3.8%

FILE PHOTO: The coronavirus disease (COVID-19) outbreak in Lisbon

(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)

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