Current Account in Portugal
Portugal - Current AccountA preliminary release showed that GDP rebounded in the second quarter, benefiting from lighter restrictions, after the lockdown-induced contraction registered in Q1. The available breakdown suggests domestic activity led the improvement, while the external sector still contributed negatively to the reading, albeit to a lesser extent than in Q1. Notably, wages grew in annual terms in the quarter, as employees who were no longer covered by the layoff scheme returned to full earnings. Turning to Q3, the economy faces headwinds: A resurgence in Covid-19 cases led to the tightening of some restrictions in July, which appears to have weighed on activity somewhat. That said, a pickup in the Bank of Portugal’s economic activity indicator for August suggests output gained momentum relative to July, while Q2 wage data bodes well for private spending in Q3 overall.
Portugal - Current Account Data
|Current Account (% of GDP)||0.2||1.2||1.4||-0.6||-|
5 years of economic forecasts for more than 30 economic indicators.
Portugal Current Account Chart
Source: Bank of Portugal (BP).
|Bond Yield||0.45||-1.90 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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August 31, 2021
A second estimate confirmed that GDP rebounded, expanding 4.9% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, above the 3.2% contraction seen in the first quarter, as restrictions were severely tightened throughout the better part of Q1.
August 31, 2021
Industrial production grew 0.5% year-on-year in seasonally-adjusted terms in July (June: +10.8% s.a.
Portugal: Consumer confidence reaches pre-pandemic levels, economic sentiment remains steady in August
August 30, 2021
Consumer confidence soared to minus 11.9 in August, from minus 17.0 in July, hitting the highest level since February 2020, just before the pandemic hit.
July 31, 2021
Industrial production rose 10.4% year-on-year in seasonally-adjusted terms in June (May: +26.6% s.a.
July 30, 2021
According to a preliminary reading, GDP bounced back in the second quarter, growing 4.9% on a seasonally-adjusted quarter-on-quarter basis and contrasting the 3.2% contraction logged in Q1.