Portugal GDP Q3 2016

Portugal

Portugal: GDP growth accelerates in Q3 due to strong external sector

A preliminary estimate, published by the Statistical Office on 15 November, showed that Portugal’s GDP increased 0.8% in the third quarter from the previous period in seasonally adjusted terms. The result marked an improvement compared to the 0.3% increase observed in the second quarter.

In its statement, the Statistical Office said that the quarterly acceleration was mainly the result of a positive contribution of net external demand, which reflected a strong increase in exports of goods and services, while domestic demand made a negative contribution to overall growth.

On an annual basis, the economy gained momentum in the third quarter and accelerated from a 0.9% increase in the second quarter to a 1.6% rise. The print marked the fastest increase in a year. More detailed data will be published on 31 November.

The Bank of Portugal expects the economy to expand 1.1% this year. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.0% in 2016, which is unchanged from last month’s projection. For 2017, the panel foresees the economy growing 1.2%, which is also unchanged from last month’s forecast.


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Portugal GDP Chart


Portugal GDP Q3 2016

Note: Year-on-year and annual average variation in %.
Source: Statistics Portugal (INE) and FocusEconomics calculations.


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