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UPDATE 1-Portugal revises quarterly rebound slightly higher to 13.3%

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LISBON, Nov 13 (Reuters) - Portugal revised its third-quarter growth slightly higher to 13.3% as the economy rebounded from a record coronavirus-induced slump in the preceding three months, the National Statistics Institute (INE) said on Friday, citing positive export data.

Its initial estimate for quarter-on-quarter growth released at the end of October was 13.2%. In April-June, the economy shrunk 13.9% quarter-on-quarter and 16.4% year-on-year.

While the economy still shrank 5.7% in the third quarter from a year earlier, the INE’s second reading was also an improvement from its initial estimate of a 5.8% contraction.

“The results ... reflect the effects of the progressive reopening of economic activity, which followed the application of measures to contain the spread of COVID-19 with a strong economic impact on first two months of the second quarter,” INE said.

In terms of quarter-on-quarter growth, the INE said domestic demand contributed with 10.6 percentage points, while net external demand produced a positive impact of 2.7 points, with exports of goods and services increasing markedly. (Reporting by Aida Pelaez and Andrei Khalip, Editing by Victoria Waldersee)

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