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.

GDP Growth Rate in Portugal averaged 0.28 percent from 1988 until 2020, reaching an all time high of 3.30 percent in the fourth quarter of 1990 and a record low of -14.10 percent in the second quarter of 2020. This page provides - Portugal GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020.

GDP Growth Rate in Portugal is expected to be 4.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Portugal to stand at 1.60 in 12 months time. In the long-term, the Portugal GDP Growth Rate is projected to trend around 0.70 percent in 2021 and 0.50 percent in 2022, according to our econometric models.

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Portugal GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-14.10 -3.80 3.30 -14.10 1988 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-02-28 11:00 AM QoQ Final Q4 0.7% 0.3% 0.6% 0.6%
2020-05-15 08:30 AM QoQ Prel Q1 -3.9% 0.7% -1.8%
2020-05-29 10:00 AM QoQ Final Q1 -3.8% 0.7% -3.9% -3.9%
2020-07-31 08:30 AM QoQ Prel Q2 -14.1% -3.8% -11.4%
2020-08-14 10:00 AM QoQ 2nd Est Q2 -3.8% -14.1% -14.1%
2020-08-31 10:00 AM QoQ Final Q2 -3.8% -14.1%
2020-11-13 09:30 AM QoQ Prel Q3 4.6%
2020-11-30 11:00 AM QoQ Final Q3 4.6%


News Stream
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.
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.
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.
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.
2020-02-28

Portugal GDP Growth Rate
On the expenditure side, household consumption is the main component of GDP and accounts for 66 percent of its total use, followed by government expenditure (19 percent) and gross fixed capital formation (15 percent). Exports of goods and services account for 40 percent of GDP and imports account for 40 percent.