In the third quarter, GDP fell 0.8% over the previous quarter, according to a flash estimate released by Statistics Portugal on 14 November. The decline was smaller than the 1.1% contraction recorded in the second quarter but exceeded market expectations of a 0.6% fall. Moreover, the reading represents the eighth consecutive quarter of contraction for the Portuguese economy. Detailed and more complete data will be published on 7 December. In annual terms, GDP contracted 3.4%, which marked a deterioration over the 3.2% decline recorded in the second quarter and, in fact, the largest drop recorded since Q2 2009. According to Statistics Portugal, the third quarter reading reflected a less negative contribution of domestic demand to overall growth. On the other hand, the net contribution from the external sector deteriorated significantly, as import outpaced exports.
GDP contracts further in Q3 as external sector deteriorates
November 14, 2012
Looking for forecasts related to GDP in Portugal? Download a sample report now.
Portugal GDP Chart
Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Statistics Portugal (INE) and FocusEconomics Consensus Forecast.
Portugal Economic News
September 30, 2016
Portugal’s industrial production edged up in August after July’s drop.
September 29, 2016
The survey of consumer sentiment produced by the National Statistical Institute showed that the consumer confidence index inched up from minus 12.7 points in August to minus 11.3 points in September.
August 31, 2016
Portugal’s GDP increased a seasonally adjusted 0.3% in Q2 over the previous quarter, according to revised data published by the National Statistics Institute on 31 August.
August 30, 2016
Portugal’s industrial production edged down again in July after June’s rebound.
August 30, 2016
The survey of consumer sentiment produced by the National Statistical Institute showed that the consumer confidence index inched up from minus 13.1 points in July to minus 12.7 points in August.