In the second quarter of 2017, Portuguese GDP expanded at a 3% y/y growth rate, after increasing its growth by 0.2 p.p. when compared to the previous quarter. Higher GDP growth in this quarter is driven by the acceleration in the growth rate of net exports, as well as of domestic demand. As for the labour market, the unemployment rate decreased by 0.60 p.p. to 9.33%. The y/y growth rate of employment, on the other hand, increased by 0.32 p.p. compared with 1Q17 to 3.57%. The euro appreciated against the US dollar by 0.04 $/€ with respect to 1Q17, to an average exchange rate of 1.10 $/€ during the second quarter, while inflation stabilized at a 1.45% rate.
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