Portuguese 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.
Comments
............................
Dear rev,
Just one of your comments leaves me totally puzzled, and other comments, just puzzled.
(continually fed false information to the IMF and the
European Commission.)
The IMF and European Commission do not entrust a countries finance minister or civil servants to provide the correct information on financial matters.
During the 2008 recession, the European Commission used the services of the Troika to establish the current state of Portugal's financial affairsand that of other countries to. These Accountants and Barristers are sharp and dedicated to finding the source of the problem and providing solutions, nothing gets hid from them.
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.
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.
.......................
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.