LISBON (dpa-AFX) - Portugal's economy expanded in the second quarter after shrinking in the first three months of the year as exports and private consumption recovered, preliminary estimates from Statistics Portugal showed on Wednesday.
Gross domestic product increased 0.6 percent from the first quarter, when it decreased 0.4 percent, flash estimates revealed. In the same quarter last year, growth was 0.4 percent.
'The contribution of net external demand to the quarter-on-quarter rate of change of GDP was less negative, with exports of goods and services registering a growth, following the reduction observed in the previous quarter,' the statistical office said.
'The positive contribution of domestic demand also increased, driven by the growth of private consumption.'
The year-on-year growth rate improved to 1.9 percent from 1.7 percent in the previous quarter.
Separately, the statistical office reported that the unemployment rate dropped to 6.0 percent in June from 6.1 percent in May. The number of employed climbed to 5.23 million, which was the highest value since February 1998.
The agency also reported that consumer confidence improved in July after stabilizing in the previous month on households' stronger expectations regarding their own financial situation as well as the national economic situation in the coming months.
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