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GDP fell by 1.1% in volume
National Accounts
GDP fell by 1.1% in volume - 2003
31 January 2005

Summary
In 2003 the Portuguese Gross Domestic Product (GDP) had a rate of change in volume of -1.1%, down 1.5 percentage points (p.p.) from the previous year. The price level implied in GDP grew by 2.8%, and the increase in taxes, net of subsidies, continued to be strong (6.2%). Nominal GDP estimated for 2003 stood at €130,511 million. GDP growth was the result of the -2.6% negative contribution of domestic demand, which was due to a rate of change of -2.4%, 2.2 p.p. lower than in 2002, and was not offset by the positive contribution of 1.5% of net external demand, 0.8 p.p. higher than in 2002. The rate of change in Gross Fixed Capital Formation was -9.8%, revealing a more marked fall of 4.7 p.p. from 2002, significantly influencing the behaviour of domestic demand. Final consumption expenditure had a real change of -0.2%, also decelerating (by 1.6 p.p.) from 2002 growth. Household disposable income (adjusted for changes in the net equity in pension fund reserves) and non-profit institutions serving households grew by 2.7% in nominal terms, vis-à-vis 4.1% in 2002. Final consumption expenditure of households and non-profit institutions serving households grew by 2.8%, causing a slight fall of 0.1 p.p. in the savings rate of these two institutional sectors, which stood at 11.4%. The external indebtedness of the economy eased in 2003. The borrowing requirements of the economy stood at 3.5% of GDP, down by 2.3 p.p. from 2002. General government financing needs (from a national accounts perspective) went from 2.7% in 2002 to 2.8% in 2003.
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