LISBON, Aug. 31 (Xinhua) -- Portugal's Finance Ministry said on Friday that the country's Gross Domestic Product (GDP) increased by 2.3 percent in the second quarter this year compared with the same period last year.

"Growth of GDP was slightly higher than Europe's and the eurozone's (2.2 percent year-on-year), enabling Portugal to continue its tendency of convergence with the European Union," the Finance Ministry said in a statement.

Portugal's economy is growing in a context of a greater balance of external accounts and better management of public accounts, the Finance Ministry added.

Portugal's National Statistics Institute (INE) also confirmed on Friday the country's economy had accelerated in the second quarter by 2.3 percent compared to the same period in 2017 and 0.5 percent than the previous quarter.

Portugal's unemployment has been falling steadily in recent years after peaking at more than 17 percent in 2013, when the country suffered severe economic crisis and implemented harsh austerity under the 78-billion-euro bailout program with the European Union, the International Monetary Fund and the European Cental Bank.

The Portuguese economy has been growing steadily in recent years after the country exited in May 2014 the 78-billion-euro bailout program with the European Union, the International Monetary Fund and the European Cental Bank following three years of harsh austerity.