The Portuguese economy shrank 5.7 percent year-on-year in the third quarter of 2020, slightly less than initial forecasts of a 5.8 percent drop. It follows a record 16.4 percent contraction in the previous period and marks the 3rd consecutive quarter of falling GDP due to the coronavirus crisis. Domestic demand shrank less than in the previous quarter (-4.1 percent vs -11.9 percent) as well as exports (-15.2 percent vs -39.4 percent), namely goods and imports (-11.6 percent vs -29.2 percent). On a quarterly basis, the economy expanded at a record 13.3 percent, slightly higher than 13.2 percent in the preliminary estimate. source: Statistics Portugal
GDP Annual Growth Rate in Portugal averaged 1.13 percent from 1996 until 2020, reaching an all time high of 5 percent in the second quarter of 1998 and a record low of -16.40 percent in the second quarter of 2020. This page provides - Portugal GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.
GDP Annual Growth Rate in Portugal is expected to be -5.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Portugal to stand at 8.50 in 12 months time. In the long-term, the Portugal GDP Annual Growth Rate is projected to trend around 5.90 percent in 2021 and 2.00 percent in 2022, according to our econometric models.