Portuguese Economy Contracts 1.8 Percent in Q4

Comparing with the 3rd quarter of 2012, GDP diminished 1.8 percent (-0.9 percent in the previous quarter). Domestic demand registered a quarter-on-quarter change rate of -1.6 percent, mainly driven by the decline of private consumption (-2.3 percent). In 2012, Gross Domestic Product decreased 3.2 percent, after the reduction of 1.6 percent observed in the previous year.
INE | Nuno Fontes | nuno@tradingeconomics.com 3/11/2013 11:17:19 AM

The more intense decline of GDP was driven by the reduction of the positive contribution of net external demand, which shifted from 4.7 percentage points (p.p.) in 2011 to 3.9 p.p., due to the deceleration of exports of goods and services, and by the more negative contribution of domestic demand, reflecting the more intense reduction of private consumption.

The external balance of goods and services improved in 2012, moving from -4.4 percent of GDP in 2011 to -0.5 percent. The Portuguese economy presented a Net Lending of 0.4 percent of GDP in 2012 (Net Borrowing of 5.6 percent in the previous year). This evolution was mainly due to the improvements in the external balance of goods and services and the Balance of Primary Income.

In 2012, Investment declined 13.7% in volume (change rate of -13.8% in 2011), presenting a contribution of -2.4 p.p. to the GDP change rate. In nominal terms, the GDP in 2012 reached about 165.4 billion euro. 

Portuguese Economy Contracts 1.8 Percent in Q4




News

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

Portugal Q3 GDP Growth Confirmed at 0.3%
The Portuguese economy grew by 0.3 percent on quarter in the three months to September 2018, unrevised from a preliminary estimate and following a 0.6 percent expansion in the previous period. Household consumption and fixed investment were the main drivers of growth while net external demand contributed negatively and government spending was unchanged.
Published on 2018-11-30

Portugal GDP Growth Lowest in Over 2 Years
The Portuguese economy advanced by 0.3 percent on quarter in the three months to September of 2018, following an upwardly revised 0.6 percent expansion in the previous period, a preliminary estimate showed. It was the lowest growth rate since the second quarter of 2016.
Published on 2018-11-14

Portugal GDP Growth Confirmed at 0.5% in Q2
The Portuguese economy advanced 0.5 percent on quarter in the three months to June of 2018, slightly higher than 0.4 percent in the previous period and confirming the preliminary estimates. Household spending was flat while a rise in inventories contributed positively to growth.
Published on 2018-08-31

Portuguese Economy Grows 0.5% in Q2
The Portuguese economy grew by 0.5 percent on quarter in the three months to June of 2018, following a 0.4 percent expansion in the previous period, a preliminary estimate showed. Growth continued to be driven by domestic demand while net trade contribution was less negative. Year-on-year, the GDP advanced 2.3 percent in the second quarter, following a 2.1 percent expansion in the previous period.
Published on 2018-08-14

Portugal Q1 GDP Growth Confirmed at 0.4%
The Portuguese economy grew by 0.4 percent on quarter in the three months to March 2018, unrevised from the preliminary estimate and following a 0.7 percent expansion in the previous period. Household consumption and fixed investment were the main drivers of growth while net external demand contributed negatively. Year-on-year, the economy grew 2.1 percent in the first quarter, unrevised from the preliminary estimate and following a 2.4 percent expansion in the previous period.
Published on 2018-05-30

Portugal GDP Growth Slows to 0.4% in Q1
The Portuguese economy expanded 0.4 percent on quarter in the first three months of 2018, below 0.7 percent in the previous period and market expectations of 0.5 percent. It is the lowest growth rate in three quarters, preliminary estimates showed. The domestic demand contribution to growth was higher in Q1 than in Q4 as both gross fixed capital formation and private spending accelerated. On the other hand, net trade weighed down on the growth as imports rose faster than exports. Year-on-year, the economy grew 2.1 percent, below 2.4 percent in the previous period and the lowest in six quarters.
Published on 2018-05-15

Portuguese Economy Grows 2.4% YoY in Q4
The Portuguese economy advanced 2.4 percent year-on-year in the last three months of 2017, the same as in the previous period and in line with the preliminary estimate. In 2017, the GDP grew 2.7 percent, above 1.6 percent in 2016 and the strongest growth rate in 17 years. Figures also beat government estimates of a 2.6 percent rise. The contribution from domestic demand to growth increased to 2.9 percentage points (1.6 percentage points in 2016), mainly due to higher investment. Net external demand registered a negative contribution of 0.2 percentage points (null in 2016), as imports rose faster than exports. In nominal terms, the trade balance of goods and services represented 1 percent of the GDP (1.1 percent in 2016).
Published on 2018-02-28

Portugal 2017 GDP Growth Highest Since 2000
The Portuguese economy advanced 2.7 percent in 2017, the most in 17 years. The reading beat government estimates of 2.6 percent and 1.5 percent reported in 2016 supported by investment. Considering only the last quarter of the year, annual growth eased to 2.4 percent from 2.5 percent in the previous period amid a slowdown in investment and household consumption. Meanwhile, net external demand contributed positively to growth as exports grew more than imports.
Published on 2018-02-14