Portugal confirms 0.2 percent economic growth in third quarter vs. second quarter

LISBON Mon Dec 9, 2013 6:12am EST

Graffiti depicting the angel of death, with the word ''Portugal'', is seen at a closed factory in Lisbon August 5, 2013. REUTERS/Rafael Marchante

Graffiti depicting the angel of death, with the word ''Portugal'', is seen at a closed factory in Lisbon August 5, 2013.

Credit: Reuters/Rafael Marchante

LISBON (Reuters) - Portugal's gross domestic product expanded 0.2 percent in the third quarter, at a slower pace than in the preceding three-month period, but confirming the bailed out economy is leaving the recession behind, official data showed on Monday.

In its second GDP reading, the country's National Statistics Institute also confirmed that the economy still contracted 1.0 percent year-on-year in the July-September period.

In the second quarter, the economy grew 1.1 percent from the previous three-month period and shrank 2 percent from a year earlier.

The government has forecast that the economy should still shrink 1.8 percent for the whole of 2013 after last year's 3.2 percent slump. But it should return to meager full-year growth of 0.8 percent next year when Lisbon's EU/IMF bailout ends.

(Reporting by Daniel Alvarenga, editing by Andrei Khalip)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.