Portugal Economic Outlook
May 3, 2022
The economy gained steam in Q1, growing at a faster pace in sequential terms than in Q4. An acceleration in household spending was behind the rosier print. Moving to Q2, spiking energy prices led the government to adopt a non-refundable subsidy for companies with significant gas needs which will cover 30% of the increase in their bills. Moreover, the European Commission recently greenlighted a cap on natural gas prices which should reduce energy bills for consumers and firms but will also feed into regulatory uncertainty and distort markets. A cut to the fuel tax in April should further support activity but will widen the fiscal deficit. In politics, on 31 March the new government headed by Prime Minister Antonio Costa was sworn into office. The government submitted its revised budget in April, which includes more than EUR 1.2 billion in tax cuts and subsidies for households and firms.Portugal Economic Growth
GDP growth should remain healthy this year. Household spending is expected to expand solidly, supported by lower income taxes, while a recovering tourism industry and incoming EU funds further underpin the economy. However, risks are skewed to the downside as Russia’s invasion of Ukraine could further stoke inflation and disrupt supply chains. FocusEconomics Consensus Forecast panelists see GDP growing 4.6% in 2022, which is down 0.3 percentage points from the previous month’s forecast. For 2023, the panel sees GDP climbing 2.5%.Portugal Economy Data
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Portugal Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.45 | -1.90 % | Jan 01 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Portugal Economic News
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Portugal: Industrial output rebounds in March
May 5, 2022
Industrial output increased 0.5% year-on-year in seasonally-adjusted terms in March (February: -4.1% s.a.
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Portugal: GDP growth accelerates in the first quarter of this year
May 2, 2022
According to a preliminary estimate, GDP growth accelerated to 2.6% on a seasonally-adjusted quarter-on-quarter basis in the first quarter of this year, from 1.7% in the last quarter of 2021.
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Portugal: Consumer sentiment and economic climate improve marginally in April
April 28, 2022
Consumer confidence improved to minus 32.9 in April, up from minus 34.1 in March.
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Portugal: Industrial output deteriorates in February
April 4, 2022
Industrial output declined 4.3% year-on-year in seasonally-adjusted terms in February, which followed January's 3.4% decrease.
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Portugal: Consumer sentiment tanks, economic climate broadly stable in March
April 4, 2022
Consumer confidence collapsed to minus 34.1 in March, down from minus 14.5 in February.
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