Portugal GDP


Portuguese economy expands in Q2 amid export growth

In the second quarter, GDP rose a seasonally adjusted 1.1% over the previous quarter, according to a flash estimate released by Statistics Portugal on 14 August. The reading contrasted the 0.4% drop in the first quarter and exceeded market expectations of a mild 0.1% increase. This was the first recorded expansion following 10 consecutive quarters of contraction. Detailed and more complete data will be published on 6 September.

GDP contracted 2.0% in annual terms, which marks an improvement over the 4.0% decline recorded in the first quarter. According to Statistics Portugal, the second quarter reading reflects stronger exports and a less pronounced decrease in investment.

The Bank of Portugal expects the economy to contract 2.0% this year and to rebound to 0.3% growth in 2014. FocusEconomics Consensus Forecast panellists anticipate that GDP will contract 2.5% in 2013, which is unchanged from last month's projection. For 2014, the panel anticipates GDP to expand 0.3%.

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Portugal GDP Chart

Portugal GDP Q2 2013

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Statistics Portugal (INE) and FocusEconomics Consensus Forecast.

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