Portugal Economic Growth
Growth will accelerate this year on the back of strong investment, particularly in the construction sector, and solid private consumption. In addition, the external sector will be boosted by buoyant demand in the Euro area and greater tourist inflows. However, high public debt and a vulnerable financial sector will continue to weigh on growth prospects. Our analysts expect GDP to expand 2.4% in 2017, up 0.2 percentage points from last month’s estimate, and 1.8% in 2018.
Consumer confidence and economic climate indicator increase again.
The survey of consumer sentiment produced by the National Statistical Institute (INE) showed that consumer confidence soared from 0.2 points in April to 1.7 points in May, the highest figure in nigh on 20 years. May’s significant uptick was driven by improvements in consumers’ perceptions of the general economic situation in the country and unemployment over the next 12 months. In contrast, consumers grew slightly more negative regarding savings and their personal financial situation over the next year.
The Institute’s overall economic climate indicator ticked up from 1.8 points in April to 2.0 points in May. May’s rise was underpinned by improved business sentiment in the services and construction and public works sectors. Sentiment was constant in the manufacturing sector and dipped marginally in the trade sector. The positive figures for business and consumer confidence show that the economy continues to gain momentum, after recently released GDP data for Q1 showing growth was the fastest in well over a decade.
FocusEconomics Consensus Forecast panelists expect GDP to expand 1.9% in 2017, which is up 0.2 percentage points from last month’s projection. For 2018, the panel foresees the economy growing 1.5%.
Industrial production rises in May on a yearly basis
In May, industrial production rose 2.4% year-on-year, contrasting April’s 1.2% fall. May’s figure was underpinned by expansions in the manufacturing and electricity, gas and water sectors, while the mining sector contracted compared to the same period of the prior year.
On a seasonally adjusted month-on-month basis, in May industrial production rose 0.4%, up from April’s 0.2%. Annual average growth in industrial production was 1.5% in May, up from April’s 1.2%.
FocusEconomics Consensus Forecast panelists expect industrial production to rise 1.7% this year and 1.6% in 2018.
Growth will accelerate this year on the back of strong investment, particularly in the construction sector, and solid private consumption. In addition, the external sector will be boosted by buoyant demand in the Euro area and greater tourist inflows. However, high public debt and a vulnerable financial sector will continue to weigh on growth prospects. Our analysts expect GDP to expand 2.4% in 2017, up 0.2 percentage points from last month’s estimate, and 1.8% in 2018.
Consumer confidence and economic climate indicator increase again.
The survey of consumer sentiment produced by the National Statistical Institute (INE) showed that consumer confidence soared from 0.2 points in April to 1.7 points in May, the highest figure in nigh on 20 years. May’s significant uptick was driven by improvements in consumers’ perceptions of the general economic situation in the country and unemployment over the next 12 months. In contrast, consumers grew slightly more negative regarding savings and their personal financial situation over the next year.
The Institute’s overall economic climate indicator ticked up from 1.8 points in April to 2.0 points in May. May’s rise was underpinned by improved business sentiment in the services and construction and public works sectors. Sentiment was constant in the manufacturing sector and dipped marginally in the trade sector. The positive figures for business and consumer confidence show that the economy continues to gain momentum, after recently released GDP data for Q1 showing growth was the fastest in well over a decade.
FocusEconomics Consensus Forecast panelists expect GDP to expand 1.9% in 2017, which is up 0.2 percentage points from last month’s projection. For 2018, the panel foresees the economy growing 1.5%.
Industrial production rises in May on a yearly basis
In May, industrial production rose 2.4% year-on-year, contrasting April’s 1.2% fall. May’s figure was underpinned by expansions in the manufacturing and electricity, gas and water sectors, while the mining sector contracted compared to the same period of the prior year.
On a seasonally adjusted month-on-month basis, in May industrial production rose 0.4%, up from April’s 0.2%. Annual average growth in industrial production was 1.5% in May, up from April’s 1.2%.
FocusEconomics Consensus Forecast panelists expect industrial production to rise 1.7% this year and 1.6% in 2018.
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