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Portuguese economy growth rises above European average

Portuguese airports see highest numbers of passengers on recordPortuguese Gross Domestic Product (GDP) increased 1.8% in the second quarter of this year, having progressed 0.5% in year-on-year terms, keeping pace with the previous quarter, the National Institute of Statistics (INE) revealed on Wednesday. This means that Portugal is growing at a faster rate than the European Union average of 1.3% and even more relative to Eurozone countries (only 1.1%).

According to INE's estimate, on a year-on-year basis, "the contribution of domestic demand to annual GDP growth has declined, reflecting the deceleration of consumption expenditure and, to a large extent, of investment".

"Conversely, the contribution from net external demand was less negative than in the previous quarter, as a result of the greater deceleration in imports of goods and services than in exports of goods and services," he adds.

Regarding the 0.5% increase, which is the same as in the previous quarter, INE explains that "the contribution of domestic demand to the change in the GDP was negative after having been positive in the first quarter", while "the contribution from net external demand was positive after being negative in the previous quarter ".

Three independent analysts consulted by Lusa agency anticipated an average annual growth of the Portuguese economy of 1.7% in the second quarter, with two of them forecasting a 0.5% increase in the chain.

According to INE, this statistical estimate incorporates revisions to the baseline information previously used, notably in regard to international trade in goods and short-term indicators, which did not imply revisions in the year-on-year and quarter-on-quarter GDP volume change rates.

The final results of quarterly national accounts will be released on August 30.

The Government expects the economy to grow by 1.9% over 2019, which is above the 1.7% forecast by the European Commission, the International Monetary Fund (IMF) and the Bank of Portugal and also above the 1.6% anticipated by the Council of Public Finance.

 

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Comments  

0 #5 Rev 2019-08-20 11:59
Hi Darcy,
Whilst I appreciate your comments I would remind you that, ever since Austerity caused us to be bailed out by the IMF and the European Bank, the Bank of Portugal has continually fed false information to these organisations in order to cover up our flagging economy, their bad management of same and the embedded corruption that exists within the government. and all of its departments that are involved in monetary matters. Just two examples are ongoing Bank frauds and the Golden Visa fiasco plus others examples to many to mention.
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0 #4 Darcy 2019-08-18 22:01
Rev,
The European Commission, the IMF and the Bank of Portugal have all agreed that Portugal's economy is growing, and you don't get this sort of growth through tourism, you get this type of growth by encouraging business expansion and increase in exports.
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-1 #3 Rev 2019-08-18 10:57
It would be so very interesting to see the financial report from which the Government have extrapolated this phantom report. Let them show us the figures that they have used and prove whether or not it is just wishful thinking and pie in the sky. What do we produce in large quantities other than Beer and Wine. Most all of the factories producing anything else have long been gone,Tourism is just about the only industry holding Portugals economy together. After that there remains not very much.
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-1 #2 Dorothy 2019-08-15 10:23
Quoting Look on bright side:
Now strip out the billions in these figures that come from foreign owned screw driver assembler plants like vehicles - which are out of Portugal's control and can be closed quickly if the market drops away in this forthcoming recession or a cheaper assembler country can be found. Also deduct the Chinese container break down of imports and repackaging as 'Fabricado em Portugal'. What % is left?

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Look on the bright side ........ Britain does not have to worry about Chinese car assembly plant in north England, as the people's choice, Brixit, will remove that along with the other factories that relie on the EUROPEAN UNION for manufacturing jobs.
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0 #1 Look on bright side 2019-08-14 16:08
Now strip out the billions in these figures that come from foreign owned screw driver assembler plants like vehicles - which are out of Portugal's control and can be closed quickly if the market drops away in this forthcoming recession or a cheaper assembler country can be found. Also deduct the Chinese container break down of imports and repackaging as 'Fabricado em Portugal'. What % is left?
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