Portuguese economy shrinks more than expected in Q3
2012-12-07 16:10:57
The Portuguese recession deepened slightly more than initially estimated in the third quarter, final data from Statistics Portugal showed Friday.
Gross domestic product decreased a seasonally adjusted 0.9 percent sequentially in the third quarter, faster than the 0.8 percent fall estimated earlier. In the second quarter, the economy had contracted by 1 percent.
Year-on-year, GDP declined 3.5 percent during the three months ended September, while the flash estimates showed a slightly slower contraction of 3.4 percent. The latest annual decline was also faster than the second quarter's 3.1 percent decrease.
In the first three quarters of the year, gross domestic product decreased 3 percent from the corresponding period a year earlier, data showed.