The Portuguese economy shrank 3.8 percent on quarter in the first three months of 2020, slightly better than an initial estimate of a 3.9 percent drop. Still, it is the sharpest contraction on record as the country was under the lockdown from March 16th, with many businesses and stores closed due to COVID-19 pandemic. Both external (-1.5 percentage points) and internal demand (-0.7 percentage points) contributed negatively to the GDP. Year-on-year, the economy slumped 2.3 percent, slightly less than a 2.4 percent drop in the preliminary estimate. The government expects the economy to shrink 7 percent this year and already launched a €3 billion package to provide loans to companies and other measures such as easing layoff legislation and suspending mortgage payments to help firms and families.
GDP Growth Rate in Portugal averaged 0.39 percent from 1988 until 2020, reaching an all time high of 3.30 percent in the fourth quarter of 1990 and a record low of -3.80 percent in the first quarter of 2020. This page provides - Portugal GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
GDP Growth Rate in Portugal is expected to be 4.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Portugal to stand at 1.60 in 12 months time. In the long-term, the Portugal GDP Growth Rate is projected to trend around 0.70 percent in 2021 and 0.50 percent in 2022, according to our econometric models.