Tuesday May 15 2018
Portugal GDP Growth Slows to 0.4% in Q1
INE | Joana Taborda | joana.taborda@tradingeconomics.com

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. Private consumption eased while investment and inventories rose slightly faster. Also, net trade contributed more negatively as exports slowed more than imports. 




Friday May 11 2018
Portugal April inflation Rate Confirmed at Near 2-Year Low
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The Portuguese inflation rate eased to 0.4 percent year-on-year in April of 2018, matching the preliminary estimate and below 0.7 percent in March. It was the lowest inflation rate since May 2016. Prices rose less mainly for transport and restaurants & hotels while fell for recreation & culture, clothing & footwear and furnishings.

Year-on-year, inflation slowed for: transport (0.8 percent vs 1.9 percent in March); restaurants & hotels (0.1 percent vs 2.5 percent); health (1.0 percent vs 1.1 percent) and communications (0.4 percent vs 0.5 percent). Also, prices advanced at the same pace for miscellaneus goods & services (1 percent) and education (1.2 percent). Meantime, cost went down for recreation & culture (-0.6 percent vs 0.8 percent); clothing & footwear (-3.7 percent vs -4.4 percent) and furnishings (-0.4 percent vs -0.1 percent).

In contrast, inflation picked up for food & non-alcoholic beverages (0.9 percent vs 0.3 percent); housing & utilities (1.6 percent vs 1.4 percent) and alcoholic beverages & tobacco (2.3 percent vs 1.2 percent).

Annual core inflation rate, which excludes energy and unprocessed food products, eased to 0.2 percent in April from 0.8 percent in the previous month and reaching its lowest since October 2014.

On a monthly basis, consumer prices went up by 0.7 percent in April, in line with the first estimate and compared to a 1.9 percent gain in March.

The harmonized consumer price index increased by 0.3 percent year-on-year (0.8 percent in March) and inched up by 1.0 percent from the previous month (2.2 percent in March).




Monday April 30 2018
Portugal Inflation Rate Lowest Since 2016
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

Consumer prices in Portugal are expected to rise 0.4 percent year-on-year in April of 2018, slowing from 0.7 percent gain in the previous month. It is the lowest inflation rate since May of 2016.

Annual core inflation rate, which excludes energy and unprocessed food products components, is expected to decrease to 0.2 percent from 0.8 percent in March.

On a monthly basis, consumer prices advanced 0.7 percent, easing from a 1.9 percent rise in the prior month, preliminary figures showed.

The harmonized consumer price index is expected to increase 0.3 percent year-on-year (compared to 0.8 percent in March) and 1.0 percent month-over-month (compared to 2.2 percent in March).


Wednesday April 11 2018
Portugal March Inflation Rate Confirmed at 0.7%
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The Portuguese consumer price inflation rose to 0.7 percent year-on-year in March of 2018, matching the preliminary estimate and compared with 0.6 percent in the prior month.

Year-on-year, inflation rate picked up for transport (1.9 percent vs 1.0 percent in February) and restaurants & hotels (2.5 percent vs 2.4 percent) while cost rebounded for recreation & culture (0.8 percent vs -0.1 percent). Additional upward pressure came from health (1.1 percent vs 1 percent) and alcoholic beverages & tobacco (1.2 percent vs 0.7 percent).

On the other hand, prices advanced at the same pace for miscellaneous goods & services (1 percent) while slowed for housing & utilities (1.4 percent vs 1.7 percent) and communication (0.5 percent vs 0.8 percent). Also, cost declined further for clothing and footwear (-4.4 percent vs -2.4 percent).

Annual core inflation rate, which excludes energy and unprocessed food products, increased to 0.8 percent in March from 0.6 percent in the previous month.

On a monthly basis, consumer prices went up by 1.9 percent in March, recovering from a 0.7 percent fall in February. The increase was led by a sharp rise in prices of clothing and footwear (25.1 percent vs -4.5 percent), especially women clothes.

The harmonized consumer price index increased by 0.8 percent year-on-year (0.7 percent in February) and inched up by 2.2 percent from the previous month (-0.6 percent in February).


Monday March 12 2018
Portuguese Inflation Rate Confirmed at 15-Month Low
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Portuguese consumer prices increased by 0.6 percent year-on-year in February 2018, unrevised from the preliminary estimate and following a 1 percent gain in the previous month. It was the lowest inflation rate since November 2016.

Year-on-year, prices rose at a softer pace for: food and non-alcoholic beverages (0.5 percent vs 1.5 percent in January); transport (1.0 percent vs 3.2 percent); miscellaneous goods and services (1.0 percent vs 1.2 percent); and restaurants and hotels (2.4 percent vs 2.5 percent). Meanwhile, housing and utilities inflation picked up to 1.7 percent from 1.5 percent in January. On the other hand, downward pressure came from: clothing and footwear (-2.4 percent vs -4.7 percent); and recreation and culture (-0.1 percent vs -0.2 percent).

Annual core inflation rate, which excludes energy and unprocessed food products, eased to 0.6 percent in February from 0.9 percent in the previous month.

On a monthly basis, consumer prices declined by 0.7 percent in February after a 1 percent drop in January. The decrease was led by a sharp fall in prices of clothing and footwear (-4.5 percent).

The harmonized consumer price index increased by 0.7 percent year-on-year and fell by 0.6 percent from the previous month.


Wednesday February 28 2018
Portuguese GDP Growth Remains Strong
INE | Joana Taborda | joana.taborda@tradingeconomics.com

The Portuguese economy advanced 0.7 percent on quarter in the last three months of 2017, above an upwardly revised 0.6 percent growth in the previous period in line with the preliminary estimate.

Exports rose 4.3 percent (0.5 percent in Q3) while imports grew only 2.9 percent (1.2 percent in Q3), switching the net trade contribution to positive (0.6 percentage points from -0.3 percentage points in Q3). On the other hand, the contribution from domestic demand fell to 0.1 percentage point from 1 percentage point in Q3, due to a slowdown in private expanditure (0.3 percent compared to 1.4 percent) and a drop in investment (-0.4 percent compared to +0.2 percent). 

Year-on-year, the economy advanced 2.4 percent, the same as in the previous period and in line with the preliminary estimate.

Considering full 2017, the GDP advanced 2.7 percent, the most in 17 years and beating government estimates of a 2.6 percent rise. The contribution from domestic demand 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).


Wednesday February 28 2018
Portugal February Inflation Rate at Near 1-1/2-Year Low
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Portugal are expected to increase 0.6 percent year-on-year in February of 2018, easing from 1 percent rise in January. It is the lowest inflation rate since November 2016.

Annual core inflation rate, which excludes energy and unprocessed food products components, is set to decrease to 0.6 percent from a downwardly revised 0.9 percent in the previous month.

On a monthly basis, consumer prices should fall by 0.7 percent in February, following a 1 percent decline in January.

The harmonized consumer price index is expected to increase by 0.7 percent year-on-year (from 1.1 percent in January) and to fall by 0.6 percent from the previous month (from -1.2 percent in January).


Wednesday February 14 2018
Portugal GDP Grows 0.7% in Q4
INE | Joana Taborda | joana.taborda@tradingeconomics.com

The Portuguese economy advanced 0.7 percent on quarter in the last three months of 2017, above 0.5 percent in the previous period. It is the fastest growth rate in three quarters, mainly boosted by higher exports, preliminary estimates showed.

Exports rose faster than imports, switching the contribution from net trade to positive from negative. On the other hand, the contribution from domestic demand fell mainly due to a slowdown in private spending.

Year-on-year, the economy grew 2.4 percent, slightly below 2.5 percent in the third quarter amid a slowdown in investment and household consumption. Meanwhile, net external demand contributed positively to growth as sales went up more than purchases. 

Considering full 2017, the Portuguese economy advanced 2.7 percent, much faster than 1.5 percent in 2016 and the strongest growth rate in 17 years. Figures also beat government estimates of a 2.6 percent rise, mainly due to higher investment. For 2018, the government expects 2.2 percent growth. 


Monday February 12 2018
Portuguese Inflation Rate Revised Down to 6-Month Low
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Portuguese consumer price inflation came in at 1 percent year-on-year in January 2018, below a preliminary reading of 1.1 percent compared with 1.5 percent in the previous month. It was the lowest inflation rate since July last year.

Year-on-year, prices rose at a softer pace for: food and non-alcoholic beverages (1.5 percent vs 2.3 percent in December); transport (3.2 percent vs 3.8 percent); restaurants and hotels (2.5 percent vs 3 percent); and health (0.7 percent vs 1 percent). Meanwhile, inflation picked up for both housing and utilities (1.5 percent vs 1.3 percent) and miscellaneous goods and services (1.2 percent vs 1.1 percent). On the other hand, downward pressure came from: clothing and footwear (-4.7 percent vs -3.4 percent); furnishings, household equipment and routine maintenance of the house (-1 percent vs -0.3 percent); and recreation and culture (-0.2 percent vs 0.1 percent).

Annual core inflation rate, which excludes energy and unprocessed food products, eased to 0.9 percent in January from 1.2 percent in the previous month, also below the flash estimate of 1 percent.

On a monthly basis, consumer prices declined by 1 percent, the biggest drop since January 2016, after showing no growth in December. The decrease was led by a sharp fall in prices of clothing and footwear (-17.4 percent).

The harmonized consumer price index increased by 1.1 percent year-on-year and fell by 1.2 percent from the previous month.


Wednesday January 31 2018
Portuguese Inflation Rate Slows to 5-Month Low
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Portuguese consumer price inflation is expected to ease to a five-month low of 1.1 percent year-on-year in January 2018 from 1.5 percent in the previous month.

Annual core inflation rate, which excludes energy and unprocessed food products components, is set to decline to 1 percent from 1.2 percent in the previous month.

On a monthly basis, consumer prices should fall by 1 percent in January, the biggest drop since January 2016, after showing no growth in December.

The harmonized consumer price index is expected to increase by 1.1 percent year-on-year (vs 1.6 percent in December) and to fall by 1.2 percent from the previous month (vs -0.2 percent in December).