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.

Key points

• Key points:
• The statistical review of the national accounts reveals a greater recent growth in the Portuguese economy
• By institutional sector, most notable was the upward revision of the savings rate as a percentage of disposable income over the entire period
• While the quarterly growth series were revised upward from the series previously published, the lower dynamism of the activity in the most recent period is appreciable, mainly with respect to that observed between the end of 2016 and 2017
• The surge in private consumption boosted GDP growth in 3Q19
• Growth moderation is expected to continue in 4Q19

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