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    April 28, 2021

    Portugal Economic Outlook. Second quarter 2021

    GDP contracted by 7.6% in 2020. Increased uncertainty about the spread of COVID-19 and the measures implemented to contain it weighed on activity. The economy is set to slow over the coming quarters and is expected to grow by 4.0% in 2021 and accelerate to 5.1% in 2022.

    May 8, 2020

    Portugal Economic Outlook. Second quarter 2020

    In Portugal, GDP could fall by about 6.5% in 2020, and the unemployment rate could exceed 10%, although uncertainty is particularly high, especially in relation to the duration of the restrictions imposed and their impact on different sectors. There are many scenarios that are still possible under reasonable assumptions.

    December 12, 2019

    Portugal | Recovery continues, but at more moderate rates

    GDP growth in Portugal is expected to be slightly higher than estimated a few months ago. Specifically, GDP could reach 1.9% in 2019 and 1.7% in 2020. This upward revision is explained by the historical review of the activity data carried out by the INE and because of the positive trend shown by some components of demand.

    July 22, 2019

    Portugal | The 2019 and 2020 growth forecast is raised

    Growth for 2019 and 2020 would stand at approximately 1.7%YoY, 2 pp above that previously estimated in both cases. In 2019, it is expected that the slowdown in consumption will be offset by the increase observed in investment, whilst next year, improved exports should continue against a backdrop of recovery of global demand

    June 3, 2019

    Portugal: orthodoxy, certainty and reward

    A couple of years ago, the risk premium paid by the Portuguese 10-year government bond against its German counterpart was hovering between 350 and 400 basis points (bp). Meanwhile, the Spanish 10-year bond was paying between 100 and 125 bp.

    April 16, 2019

    Portugal | Growth outlook for the two-year period revised down

    After Portuguese GDP grew at an average rate of 2 .1% YoY during 2018, BBVA Research forecasts that its growth rate will moderate to around 1.5% in 2019. This scenario is in a context of a slowing global economy, particularly in Europe. Even so, the recovery will continue, supported by positive momentum in domestic demand, which will enable GDP to rise by 0.3% in 1Q19.

    January 21, 2019

    Portugal | Economic growth moderates in 2S18

    BBVA Research estimates that growth in the Portuguese economy in 4Q18 was around 0.4% QoQ SWDA. Domestic demand will have continued to be the main support of activity, while the external sector’s contribution to growth will have remained negative. This would be consistent with BBVA Research’s forecast for Portugal’s GDP growth in 2018 (2.1% YoY) and 2019 (1.8% YoY).

    October 1, 2018

    Portugal | Growth is upheld, but there are signs of a slowdown

    Portuguese GDP grew 0.6% t/t in 2Q18, mainly due to the increase in gross capital formation and the improvement in the external sector, and despite the low growth of domestic final consumption. Based on the indicators available so far, BBVA Research estimates that growth in 3Q18 will be approximately 0.3% QoQ SWDA.