Portugal GDP Q3 2016

Portugal

Portugal: Portuguese economic growth accelerates

November 30, 2016

Portugal’s GDP increased 0.8% in the third quarter of 2016 compared to the previous quarter, according to the National Statistics Institute (INE). This figure, which matched market expectations, was the highest in almost three years and was up from the 0.3% growth recorded in the second quarter of 2016. On a year-on-year basis, growth reached 1.6% in Q3, up from 0.9% in Q2.

Exports were the main driver of growth in the period, expanding by 2.5% on a quarter-on-quarter basis, while imports fell by 0.4%. The external sector contributed 1.3 percentage points to growth in Q3, contrasting with a negative contribution of 0.4 percentage points in Q2.

On the domestic side, private consumption also rose during the period, while investment and government spending fell, with investment recording a particularly sharp 3.9% drop compared to the second quarter of the year.

The Bank of Portugal expects the economy to expand 1.1% this year, which is a similar figure to the government’s forecast of 1.2% mentioned in the 2017 budget. 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%.


Author:, Economist

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Portugal GDP Q3 2016 0

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


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