After 10 months of consecutive economic contraction, the Portuguese economy finally grew for the second period of three months in a row and ended the country’s ongoing ‘technical’ recession, as Deputy Prime Minister Paulo Portas coined it a couple weeks back.
According to data from the National Statistics Institute (INE), Portugal’s GDP (gross domestic product) rose 0.2% between July and September compared to the previous quarter – and during those three months the economy had already recovered 1.1%. Nonetheless, the national GDP is still below the numbers registered in 2012. In the third quarter, it fell 1% compared to the same period last year.
Yet the hope is now well and firmly there: Portugal may well be on the road to an economic ‘turning point’.