Tuesday August 14 2018
Portuguese Economy Grows 0.5% QoQ in Q2
INE | Gabriela Costa | gabriela.costa@tradingeconomics.com

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 contributed less negatively.

Year-on-year, the economy advanced 2.3 percent in the second quarter, following a 2.1 percent expansion in the previous period. Private consumption increased at a faster pace, while investment rose slightly slower and net trade contributed negatively to growth – similar to that observed in the previous quarter.

In 2017, Portugal's economy grew by 2.7 percent, its strongest pace in 17 years, and this year the government expects a softer 2.3 percent expansion.




Friday August 10 2018
Portugal July inflation Rate Confirmed at 15-Month High
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Annual inflation rate in Portugal rose to 1.6 percent in July of 2018 from 1.5 percent in June, matching the preliminary estimate. It was the highest inflation rate since April 2017.

Year-on-year, inflation picked up mostly for: housing & utilities (2.60 percent vs 2.32 percent in June), namely rents (2.1 percent vs 1.9 percent); miscellaneous goods & services (1.58 percent vs 1.52 percent) and restaurants & hotels (4.82 percent vs 3.82 percent). 

On the other hand, prices slowed a bit for food & non-alcoholic beverages (1.19 percent vs 1.24 percent); transport (3.98 percent vs 4.06 percent) and remained almost flat for recreation and culture. Meantime, cost declined for clothing & footwear (-2.81 percent vs -2.74 percent) and furnishings (-0.48 percent vs -0.25 percent).

Annual core inflation, which excludes energy and unprocessed food products component was steady at 1.0 percent, in line with the preliminary estimate.

On a monthly basis, consumer prices inched down 0.6 percent as initially estimated, following a 0.1 percent increase in June. The main decrease in monthly consumer price index was recorded for clothing and footwear (-13.0 percent vs -1.3 percent), due to the usual start of the summer sales season in July.

The harmonized consumer price index rose by 2.2 percent year-on-year (2.0 percent in June) and decreased by 0.4 percent month-over-month (after being flat in June).




Tuesday July 31 2018
Portugal Inflation Rate Hits 15-Month High in July
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Annual inflation rate in Portugal is expected to increase to 1.6 percent in July 2018 from 1.5 percent in the previous month, a preliminary reading showed. It is the highest rate since April 2017.

Inflation should pick up for both energy (7.8 percent vs 7.5 percent in June) and unprocessed food products (1.4 percent vs 1.2 percent).

Annual core inflation rate, which excludes energy and unprocessed food products components, is expected to stay at 1 percent in July, unchanged from the previous month's six month high.

On a monthly basis, consumer prices are set to decline 0.6 percent in July, following a 0.1 percent gain in June.

The harmonized consumer price index is expected to advance 2.2 percent year-on-year (vs 2 percent in June); and to fall 0.4 percent month-over-month (vs flat reading in June).


Wednesday July 11 2018
Portugal June Inflation Rate Revised Lower to 1.5%
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

The annual inflation rate in Portugal stood at 1.5 percent in June 2018, revised from a preliminary reading of 1.6 percent and compared with the previous month's 1 percent. It was the highest rate since December as cost of most products increased.

Main upward pressure came from: food & non-alcoholic beverages (1.2 percent vs 0.7 percent in May); transport (4.1 percent vs 3.8 percent); housing & utilities (2.3 percent vs 2 percent); miscellaneous goods & services (0.6 percent vs 0.3 percent); and restaurants & hotels (3.8 percent vs 2.9 percent). In addition, recreation and culture prices were unchanged (vs -0.7 percent in May) and clothing & footwear deflation eased (-2.7 percent vs -3.3 percent).
Annual core inflation rate, which excludes energy and unprocessed food products, rose to 1 percent in June from 0.6 percent in May, matching the preliminary estimate.
On a monthly basis, consumer prices edged up 0.1 percent in June as previously estimated, following a 0.4 percent gain in May. An increase in transport prices (0.7 percent vs 0.5 percent) was partly offset by a decline in cost of clothing & footwear (-1.3 percent vs unchanged).
The harmonized consumer price index increased by 2 percent year-on-year (vs 1.4 percent in May) and was unchanged month-over-month (vs 0.8 percent in May).


Friday June 29 2018
Portugal Inflation Rate at 14-Month High of 1.6%
INE | Agna Gabriel | agna.gabriel@tradingeconomics.com

Inflation rate in Portugal is expected to increase to 1.6 percent in June of 2018 from 1 percent in the previous month. It was the highest inflation rate since April of 2017, preliminary estimates showed.

Annual core inflation rate, which excludes energy and unprocessed food products components, is expected to rise to 1 percent from 0.6 percent in May.

On a monthly basis, consumer prices are set to increase 0.1 percent, easing from 0.4 percent in the previous month, according to the preliminary figures.

The harmonized consumer price index is expected to advance 2 percent year-on-year (compared to 1.4 percent in May) and 0.1 percent month-over-month (compared to 0.8 percent in May).


Tuesday June 12 2018
Portugal Inflation Rate Confirmed at 4-Month High in May
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Inflation rate in Portugal increased to 1.0 percent year-on-year in May of 2018, matching the preliminary estimate and compared to 0.4 percent in the previous month. It was the highest inflation rate since January, as prices rose faster mainly for transport, restaurants & hotels and housing & utilities.

Year-on-year, prices advanced faster primarily for: transport (3.8 percent vs 0.8 percent in April), namely fuels and lubricants (9.5 percent vs 3.5 percent); restaurants & hotels (2.9 percent vs 0.1 percent), driven by accomodation services (11.6 percent vs -2.9 percent) and housing & utilities (2.0 percent vs 1.6 percent), particularly rents (1.8 percent vs 1.4 percent). 

On the other hand, inflation slowed for food & non-alcoholic beverages (0.7 percent vs 0.9 percent); miscellaneous goods & services (0.3 percent vs 1.0 percent) and was steady for alcoholic beverages & tobacco (2.3 percent); communications (0.4 percent) and education (1.2 percent). Meantime, prices fell for recreation & culture (-0.7 percent vs -0.6 percent); clothing and footwear (-3.3 percent vs -3.7 percent) and furniture & household equipment (-0.9 percent vs -0.4 percent).

Annual core inflation rate, which excludes energy and unprocessed food products, rose to 0.6 percent, matching the preliminary estimate and compared to 0.2 percent in April.

On a monthly basis, consumer prices went up 0.4 percent, as previously estimated, and easing from a 0.7 percent increase in April.

The harmonized consumer price index increased by 1.4 percent year-on-year (0.3 percent in April) and by 0.8 percent month-over-month (1.0 percent in April).


Wednesday May 30 2018
Portugal Q1 GDP Growth Confirmed at 0.4%
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

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.

Domestic demand grew 0.8 in the first quarter (vs 0.3 percent in Q4), with household consumption jumping 0.8 percent (vs 0.4 percent in Q4) and fixed investment rising 1.8 percent (vs 0.8 percent in Q4). Investment rebounded for both transport equipment (11.6 percent vs -5.7 percent) and other machinery and equipment (4.3 percent vs -3.1 percent) while construction spending was unchanged (vs 4.1 percent in Q4). In addition, changes in inventories contributed positively to the growth. Meanwhile, government spending expansion was flat at 0.1 percent.

Net external demand contributed negatively, as exports of goods and services were unchanged (vs 4.4 percent in Q4), while imports increased 0.6 percent (vs 3.2 percent in Q4). 

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. Domestic demand advanced 2.5 percent (vs 2.4 percent in Q4), driven by households' spending (2.1 percent vs 2 percent), fixed investment (4.7 percent vs 5.9 percent), and public expenditure (0.3 percent vs 0.2 percent). Net external demand contributed negatively, as exports rose 4.6 percent (vs 7.3 percent in Q4) and imports advanced at a faster 5.4 percent (vs 7.1 percent in Q4).


Wednesday May 30 2018
Portugal May Inflation Rate Picks Up to 4-Month High
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Inflation rate in Portugal is expected to rise to 1.0 percent year-on-year in May of 2018, up from 0.4 percent in April and reaching the highest since January, the preliminary estimates showed. The increase in consumer prices mainly reflected the dissipation of basis effect associated to Easter and the recent evolution of fuel prices.

Annual core inflation rate, which excludes energy and unprocessed food products components, is expected to rise to 0.6 percent from 0.2 percent in April.

On a monthly basis, consumer prices are set to went up 0.4 percent, easing from 0.7 percent in the previous month, the preliminary figures showed.

The harmonized consumer price index is expected to advance 1.4 percent year-on-year (compared to 0.3 percent in April) and 0.8 percent month-over-month (compared to 1.0 percent in April).


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).