Portugal: Exports and GDP decline in the third quarter – 11/30/2023

Portugal: Exports and GDP decline in the third quarter – 11/30/2023

LISBON (awp/afp) – Portugal’s third-quarter gross domestic product fell by 0.2%, hurt by a decline in exports, although it grew by 1.9% year-on-year, the National Institute of Statistics noted on Thursday. Eni).

This second estimate confirms the figures presented by the National Institute of Statistics at the end of October, according to which the Portuguese economy has not seen a decline before since the first quarter of 2021.

In the second quarter of this year, Portugal still showed growth of 0.1% compared to the first quarter and 2.6% year-on-year.

The decline in GDP between July and September explains in particular “the decline in exports of goods and services, including tourism”, one of the main economic drivers of the Iberian state, the National Institute of Statistics noted in a press release.

Exports decreased by 2.3% on a quarterly basis. On an annual basis, it recorded a slight increase of 0.1%, after increases of 11% in the first quarter and 4.9% in the second quarter.

After growth of 6.8% in 2022, the Portuguese government expects growth of 2.2% this year and 1.5% next year, according to the expectations included in the state budget for 2024, which was approved by Parliament on Wednesday.

At the beginning of October, the Bank of Portugal significantly lowered its growth forecast for 2023 to 2.1%, citing the “slowing dynamism of the main trading partners” of the Iberian country, “inflationary effects” and “more restrictive restrictions.” Monetary policy measures.

AFP/BOC

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