Quarterly and annual national accounts
Gross Domestic Product up by 1.0% in volume in 2004
- 4th Quarter 2004
11 March 2005
The Portuguese Gross Domestic Product (GDP) grew by 1.0% in real terms in 2004, following the 1.1% decline observed in 2003, as a result of the recovery of domestic demand. The contribution of net external demand to GDP growth was unfavourable, due to strong growth in imports of goods and services, chiefly caused by the recovery in private consumption. Borrowing requirements of the Portuguese economy, as a percentage of GDP, deteriorated from -3.5% in 2003 to -6.0% in 2004.
As regards quarterly developments in GDP, the year-on-year growth rate declined in real terms to 0.6% in the last quarter of 2004 from 0.9% in the previous quarter.