Portugal GDP Q2 2018


Portugal: Economy picks up slightly in the second quarter

August 14, 2018

According to a flash GDP estimate released by the National Statistical Institute (INE) on 14 August, the economy picked up slightly in the second quarter, with economic growth in quarter-on-quarter, seasonally-adjusted terms inching up to 0.5% from 0.4% in the first quarter. Meanwhile, economic growth on an annual basis rose to 2.3% in the second quarter, up from 2.1% in the first quarter.

While a comprehensive breakdown of the quarter-on-quarter result will be released on 31 August, the preliminary estimate indicated that domestic demand continued to drive growth. Meanwhile, the external sector dragged less on growth owing to a faster acceleration in exports compared to imports.

The Bank of Portugal projects the economy will expand 2.3% in 2018 and 1.9% in 2019. FocusEconomics Consensus Forecast panelists expect GDP to expand 2.2% in 2018, which is unchanged from last month’s forecast, and 1.9% in 2019.


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Portugal GDP Chart

Portugal GDP Q2  2018

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

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