Imports G&S in Portugal

Portugal Imports G&S | Economic News & Forecasts

Portugal - Imports Goods and Services

Second estimate confirms economy rebounded sharply in Q3, but strong momentum will not carry into Q4

A second GDP estimate released by the National Statistics Institute on 13 November showed the economy rebounded 13.3% in seasonally-adjusted quarter-on-quarter terms in Q3, after contracting 13.9% in Q2. In annual terms, GDP contracted 5.7% in Q3 (Q2: -16.4% year-on-year).

The reopening of the economy following the height of the pandemic in Q2 provided activity with renewed vitality in Q3. Internally, domestic demand increased 10.1% over the previous quarter in Q3, contrasting Q2’s 10.8% decline. Turning to the external sector, exports surged a whopping 38.8% on higher goods exports, after collapsing 37.0% in Q2. On the same note, imports surged 26.1% after falling 29.2% in Q2.

On to Q4, prospects are grim as surging Covid-19 cases have led to the reimposition of social-distancing measures. Most recently, a curfew was imposed until 23 November in 121 municipalities comprising 70% of the population. Taken together, the measures are set to cause severe harm to both private consumption and tourism.

FocusEconomics Consensus Forecast panelists see GDP climbing 5.5% in 2021, which is unchanged from last month’s forecast. In 2022 the economy is seen growing 3.4%.

Portugal - Imports G&S Data

2015   2016   2017   2018   2019  
Imports (G&S, annual variation in %)8.0  5.0  8.1  5.7  5.3  

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Portugal Facts

Value Change Date
Bond Yield0.45-1.90 %Jan 01
Exchange Rate1.120.65 %Dec 31

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