News

Portugal Q4 GDP Growth Revised Lower
Portugal's economic growth was revised lower to 0.2 percent on quarter in October-December 2020, from an early estimate of 0.4 percent and well below the previous three-month period expansion of 13.3 percent. Portugal imposed a night-time curfew and partial weekend lockdown in early November, aiming to curb a surge in coronavirus infections. Household consumption dropped 0.5 percent (vs 12.7 percent in Q3) and fixed investment declined 0.2 percent (vs 9.7 percent in Q3), while government spending grew 1.1 percent (vs 7.7 percent). Meanwhile, the contribution of external demand was approximately nil. Year-on-year, the economy shrank 6.1 percent, worse than a flash estimate of a 5.4 percent decrease. Considering 2020 full year, the economy plunged 7.6 percent, its steepest economic contraction since 1936.
Published on 2021-02-26

Portugal GDP Grows 0.4% in Q4
Portugal's gross domestic product expanded by 0.4 percent on quarter in the three months to December of 2020, easing from a record growth of 13.3 percent in Q3, preliminary data showed. Year-on-year, the economy shrank 5.4 percent, following a 5.7 percent contraction in the previous period. Considering full 2020, the GDP shrank by a record 7.6 percent, following a 2.2 percent growth in 2019 and compared to the government’s forecast of an 8.5 percent decline.
Published on 2021-02-02

Portugal GDP Expands at Record 13.3%
The Portuguese economy expanded at a record 13.3 percent on quarter in the third quarter of 2020, rebounding from a record 13.9 percent fall in the previous period, when the coronavirus hit the economy hard. Domestic demand (10.2 percent vs -10.8 percent), exports (38.9 percent vs -37 percent) and imports (26.5 percent vs -29.2 percent) all showed strong growth. Still, the outlook for Q4 remains challenging as coronavirus infections continue to rise and the country introduced new restrictions and curfews.
Published on 2020-11-30

Portugal GDP Growth Revised Slightly Higher in Q3
The Portuguese economy expanded at a record 13.3 percent on quarter in the third quarter of 2020, slightly higher than 13.2 percent in the preliminary estimates and rebounding from a record 13.9 percent fall in the previous period, when the coronavirus hit the economy hard. Domestic demand (10.1 percent vs -10.8 percent), exports (38.8 percent vs -37 percent) and imports (26.1 percent vs -29.2 percent) all showed strong growth. Still, the outlook for Q4 remains challenging as coronavirus infections continue to rise and the country introduced new restrictions and curfews.
Published on 2020-11-13

Portugal GDP Grows at Record 13.2% in Q3
The Portuguese economy jumped at a record 13.2 percent on quarter in the three months to September of 2020, after a record 13.9 percent fall in the previous period as the economy tries to rebound from the coronavirus-hit. Domestic demand rebounded and exports of goods also increased, preliminary estimates showed. Year-on-year, the GDP shrank 5.8 percent, following an upwardly revised 16.4 percent fall in Q2 and extending the recession to a third straight quarter. The Portuguese government estimates the 2020 GDP contraction at 8.5%, followed by a 5.4% growth in 2021.
Published on 2020-10-30

Portugal GDP Contraction Largest on Record
Portugal's gross domestic product shrank by a record 13.9 percent on quarter in the April to June period of 2020, entering a technical recession, as measures to contain the rapid spread of the COVID-19 pandemic forced many businesses to close and people to stay at home. Domestic demand tumbled 10.6 percent and external demand also contributed negatively to the GDP as exports plunged 36.1 percent and imports slumped 28.1 percent.
Published on 2020-08-31

Portugal GDP Contracts Most on Record
Portugal's gross domestic product shrank 13.9 percent on quarter in the April to June period, the sharpest contraction on record and compared to a preliminary estimate of a 14.1 percent slump, as the coronavirus crisis hit the economy highly dependent on tourism. Domestic demand tumbled 10.6 percent (vs -2.2 percent in Q2) and net external demand contributed negatively to the GDP as exports plummeted 36.2 percent (vs -7.3 percent in Q1) and imports slumped 28.0 percent (vs -3.7 percent in Q1).
Published on 2020-08-14

Portugal GDP Shrinks at Record Pace in Q2
Portugal's economy shrank by a record 14.1 percent on quarter in the three months to June 2020, following a 3.8 percent contraction in the previous period and entering a recession, a preliminary estimate showed. The coronavirus pandemic hit household consumption and fixed investment as well as external demand, with exports falling more than imports. On a yearly basis, the GDP plunged by 16.5 percent in the second quarter.
Published on 2020-07-31

Portugal GDP Shrinks Slightly Less than Anticipated
The Portuguese economy shrank 3.8 percent on quarter in the first three months of 2020, slightly better than an initial estimate of a 3.9 percent drop. Still, it is the sharpest contraction on record as the country was under the lockdown from March 16th, with many businesses and stores closed due to COVID-19 pandemic. Both external (-1.5 percentage points) and internal demand (-0.7 percentage points) contributed negatively to the GDP. Year-on-year, the economy slumped 2.3 percent, slightly less than a 2.4 percent drop in the preliminary estimate. The government expects the economy to shrink 7 percent this year and already launched a €3 billion package to provide loans to companies and other measures such as easing layoff legislation and suspending mortgage payments to help firms and families.
Published on 2020-05-29

Portugal Economy Contracts at Record Pace
Portugal's gross domestic product shrank by 3.9 percent on quarter in the three months to March 2020, following a 0.7 percent expansion in the previous three-month period, a preliminary estimate showed. That was the steepest pace of contraction since comparable series began in 1988, as the coronavirus pandemic and efforts to halt its spread hit the economy. Domestic demand contributed negatively to the GDP, led by a fall in household consumption and fixed investment. In addition, both exports and imports were sharply down.
Published on 2020-05-15

Portugal GDP Growth Revised Higher to 0.7%
The Portuguese economy expanded 0.7% on quarter in the last three months of 2019, above a preliminary estimate of 0.6% and higher than 0.4% in the previous period. Net external demand accounted for 1.7 percentage points to growth while internal demand removed 1 percentage point. Year-on-year, the economy advanced 2.2%, above 1.9% in the previous period. Considering full 2019, the GDP grew 2.2%, below an upwardly revised 2.6% in 2018 but higher than a preliminary 2% reading. Domestic demand slowed, mainly due to private consumption while the contribution from net trade was slightly less negative as both exports and imports eased. 2019 growth beat the 1.9% estimate from the Government, OECD and IMF but was in line with estimates from the central bank and the European Commission.
Published on 2020-02-28

Portugal GDP Advances 0.6% in Q4
The Portuguese economy expanded 0.6% on quarter in the last three months of 2019, above an upwardly revised 0.4% growth in the previous period. The contribution from net trade turned positive while domestic demand declined, preliminary estimates showed. Year-on-year, the economy advanced 2.2%, the most in five quarters and above 1.9% in the previous period. Considering full 2019, the GDP grew 2%, below 2.2% in 2018 as domestic demand slowed mainly due to private consumption while the contribution from net trade was slightly less negative as both exports and imports eased. 2019 growth beat the 1.9% estimate from the Government, OECD and IMF but was in line with estimates from the central bank and the European Commission.
Published on 2020-02-14

Portugal GDP Growth Confirmed at 0.3%
Portugal's quarterly economic growth was confirmed at 0.3 percent in the third quarter of 2019, below 0.6 percent in the previous three-month period. Household consumption grew firmly while fixed investment contracted by the most in four years and net external demand contributed negatively to GDP growth.
Published on 2019-11-29

Portugal Q3 GDP Growth Weakest in Over 3 Years
The Portuguese economy advanced by 0.3 percent on quarter in the three months to September 2019, slowing from an upwardly revised 0.6 percent expansion in the previous period, a preliminary estimate showed. It was the weakest growth rate since the second quarter of 2016, as net external demand contributed negatively while the contribution of domestic demand was positive.
Published on 2019-11-14

Portugal Q2 GDP Growth Confirmed at 0.5%
Portugal's quarterly economic growth was confirmed at 0.5 percent in the second quarter of 2019, the same as in the previous three-month period. Net external demand was the main driver of growth while household consumption and fixed investment contracted.
Published on 2019-08-30

Portugal Economy Grows 0.5% in Q2
Portugal's GDP grew 0.5 percent on quarter in the three months to June of 2019, the same pace as in the previous period, the preliminary estimate showed. The expansion was driven by external demand, while domestic demand were a drag on growth. Compared with the same quarter of 2018, the economy advanced 1.8 percent.
Published on 2019-08-14

Portugal Q1 GDP Growth Confirmed at 0.5%
The Portuguese quarterly economic growth was confirmed at 0.5 percent in the first quarter of 2019, slightly above the previous period's figure of 0.4 percent and in line with preliminary estimates. It is the strongest growth rate since the second quarter of 2018. Year-on-year, the economy grew 1.8 percent in the first quarter, also unrevised from the preliminary estimate and above the 1.7 percent expansion recorded in the prior period.
Published on 2019-05-31

Portugal GDP Growth Quickens to 0.5% in Q1
The Portuguese economy advanced by 0.5 percent on quarter in the first three months of 2019, up from 0.4 percent in the previous period and beating market expectations of 0.3 percent, a preliminary estimate showed. It is the strongest growth rate since the second quarter of 2018.
Published on 2019-05-15

Portugal Q4 GDP Growth Confirmed at 0.4%
The Portuguese quarterly economic growth was confirmed at 0.4 percent in the fourth quarter of 2018, slightly above the previous period's figure of 0.3 percent. The expansion was mainly supported by household consumption while fixed investment contracted and net trade contributed negatively to the GDP. Year-on-year, the economy grew 1.7 percent in the fourth quarter, also unrevised from the preliminary estimate and below the 2.1 percent expansion recorded in the previous period. Considering 2018 full year, the economy expanded 2.1 percent, slower than 2.8 percent in 2017.
Published on 2019-02-28

Portugal Q4 GDP Growth Stronger than Expected
The Portuguese economy grew by 0.4 percent on quarter in the last three months of 2018, following a 0.3 percent expansion in the previous period and beating market expectations of 0.3 percent, a preliminary estimate showed. Growth continued to be supported by domestic demand while net external demand contributed negatively to GDP.
Published on 2019-02-14