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Portuguese economy shrinks by 3.4%

Published on Nov 14, 2012 7:18 PM

LISBON (AFP) - The Portuguese economy shrank by 3.4 per cent in the 12 months to the end of the third quarter after a 0.8-per-cent contraction in the quarter, a first official estimate showed on Wednesday amid protests against austerity.

On a sliding 12-month basis, a plunge of internal demand slowed down because a cut in investment had eased up, the statistics institute Ine said.

But the contribution to overall activity from a surplus in trade on goods and services fell because exports had slowed down and a reduction of imports had also lost pace.

In the second quarter, output had fallen by 1.1 per cent from activity in the first quarter and by 3.2 per cent on a 12-month comparison.

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